Indrayani Biotech Limited has submitted a detailed response to the Income Tax Department concerning outstanding tax demands totaling ₹1.16 crore. The company is contesting demands for assessment years 2011-12, 2012-13, and 2013-14. For the assessment year 2013-14, the demand of ₹98.09 lakh was challenged based on a tribunal order. For 2011-12 and 2012-13, totaling ₹18.45 lakh, the demand arose from disallowed excise duty payments, with an appeal filed.
Company Responds to Tax Authorities
Indrayani Biotech Limited has formally responded to a recovery letter from the Income Tax Department, Chennai, regarding outstanding tax demands. This disclosure is made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Details of Tax Demands and Responses
The company has addressed demands pertaining to three assessment years:
- Assessment Year 2013-14: A demand of ₹98,09,000 originated from a Rectification Order under Section 154 dated 23.02.2017. However, the Hon’ble Income Tax Appellate Tribunal (ITAT), in its order dated 02.11.2020, set aside the original order and remanded the matter for fresh consideration. Indrayani Biotech contends that this demand no longer survives and has requested its deletion.
- Assessment Years 2011-12 & 2012-13: A combined demand of ₹18,45,520 was quantified under Section 144 read with Section 254, dated 31.03.2022, due to the disallowance of excise duty payments. The company has filed a First Appeal (Form No. 35) and has requested that recovery proceedings be kept in abeyance pending adjudication.
Impact on Operations
The company states that there is no immediate financial impact as it possesses strong legal grounds on merits and is pursuing appropriate legal and statutory remedies before the Appellate Authorities.
Source: BSE
