Alivus Life Sciences Limited has disclosed the receipt of an assessment order from the Income Tax Department for Assessment Year 2023-24 (Financial Year 2022-23). The order, dated March 20, 2026, results in a tax demand, including applicable interest, totaling Rs. 2,60,67,810, stemming from expenditure disallowances. The company states there is no material financial impact, and it is currently assessing its right to appeal the order.
Disclosure of Tax Assessment Order
Alivus Life Sciences Limited (formerly Glenmark Life Sciences Limited) has formally informed the stock exchanges regarding an order received from the Income Tax Department. This disclosure is made pursuant to applicable continuous disclosure requirements for listed entities.
Details of the Income Tax Order
The official communication received by the company on March 20, 2026, around 7:30 pm, pertains to an assessment order passed by the Faceless Assessment Unit. The order was issued under Section 143(1) read with Section 144B of the Income Tax Act, 1961.
Assessment Findings and Demand
The Income Tax Department completed the regular assessment for Assessment Year AY 2023-24 (FY 2022-23). The assessment resulted in a total demand, inclusive of applicable interest, amounting to Rs. 2,60,67,810. This demand is specifically attributed to disallowances made concerning expenditure under Section 37(1) of the Act.
Impact Assessment
The company has stated that the receipt of this intimation of tax payable carries no material impact on the company’s financial standing or its ongoing operations. Furthermore, the order is currently appealable before the relevant appellate authority, and the Company will undertake a thorough assessment to determine whether to exercise its right to appeal the decision.
Source: BSE
