Cipla Limited has received a rectification order under section 154 of the Income Tax Act, 1961 for Assessment Year 2020-21, rectifying the weighted deduction u/s. 35(2AB) of the Act, from the Office of the Deputy Commissioner of Income Tax, Central Circle 1(2), Mumbai.
According to the order, the tax demand was rectified from ₹ 312.96 crores to ₹ 98.70 crores. Accordingly, the total demand from AY 2015-16 to AY 2022-23 (which was earlier reported) as ₹ 773.44 crores (including interest) stands revised at ₹ 559.18 crores (including interest).
The matter relates to various disallowances including short deduction u/s 80IE of the Act, weighted deduction u/s 35(2AB) of the Act, and disallowance of various expenditures u/s 37(1) of the Act, etc.
The disclosure to the exchange was made under regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
