Panacea Biotec Loses Tax Appeal, ₹9.38 Crore Penalty Upheld by CIT(A)
Panacea Biotec's appeals against a ₹9.38 Crore penalty for alleged under-reporting of income were dismissed by the CIT(A) on March 25, 2026. The company plans to appeal further, stating no material impact is expected.
While the company states no material impact, a ₹9.38 Crore penalty is a significant amount that could affect finances if not successfully appealed.
The company lost an appeal in a tax litigation case, resulting in a penalty order being upheld.
Panacea Biotec Limited has announced that the Commissioner of Income Tax (Appeals) [CIT(A)] dismissed the company's appeals against penalty orders issued by the Assistant Commissioner of Income Tax (ACIT). These penalty orders, dated December 24, 2025, imposed a demand aggregating to approximately ₹9.38 Crore for alleged under-reporting of income for Assessment Years 2017-18, 2020-21, and 2021-22.
The company received the CIT(A)'s dismissal orders on March 26, 2026. Panacea Biotec maintains that the demand is not maintainable and intends to file a further appeal with the appropriate appellate authority against the CIT(A)'s order. The company does not anticipate any significant impact on its financial, operational, or other activities as a result of this development.
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Panacea Biotec Limited filed this with the NSE as a statutory disclosure, categorised under litigation updates. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Panacea Biotec Limited. Read the original for the full detail.