The Income Tax Department has passed an order against Torrent Pharmaceuticals under Section 271(1)(c) of the Income Tax Act, 1961, imposing a penalty of ₹ 2,31,86,725/-, according to an exchange filing.
The order alleges a penalty on certain tax adjustments.
The company is likely to file an appeal against the order of the tax department. “Based on the Company assessment, the Company will pursue an appeal and is hopeful of a favorable outcome at higher forum and does not expect the said Order to have any material financial impact on the Company,” Torrent Pharma said in an exchange filing.
The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
