Highlights
- Syngene has received a rectification order that modifies the originally assessed tax and interest for the Assessment Years 2013-14 and 2014-15.
- The revised demand of tax and interest amounts to Rs. 2,38,93,877 for Assessment Year 2013-14 and Rs. 1,54,07,458 for Assessment Year 2014-15.
- The Company has filed an appeal with the Commissioner of Income-tax (Appeals) in Bangalore against the initial order dated March 22, 2024, and the appeal proceedings are currently ongoing.
Syngene has received a rectification order leading to a change in the originally assessed tax and interest for Assessment Year 2013-14 and 2014-15 from the Assessing Officer.
The rectification order was passed under Section 154 read with Section 201(1) and 201(1A) read with Section 263 of the Income-tax Act, 1961 modifying the demand of tax and interest thereon aggregating to Rs.2,59,24,322 and Rs.1,46,49,845 for Assessment Year 2013-14 and 2014-15 respectively.
On March 22, 2024, The Assessing Officer passed an order under Section 201(1) and 201(1A) read with Section 263 of the Income-tax Act, 1961 raised demand of tax and interest thereon aggregating to ₹ 2,38,93,877 and ₹ 1,54,07,458 for Assessment Year 2013-14 and 2014-15 respectively.
The Company has already filed an appeal before the Commissioner of Income-tax (Appeals), Bangalore against the initial order dated March 22, 2024, and the appeal proceedings are under progress.
The disclosure was made under Regulation 30(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
