Panacea Biotec receives ₹4.32 Crore penalty demand from Income Tax Dept.
Panacea Biotec received two penalty demand orders totaling ₹4.32 Crore from the Income Tax Department for alleged income misreporting for AY 2022-23 & 2023-24. The company disputes the demand and plans to appeal, expecting no significant financial impact.
The company has stated that it does not envisage any significant impact on its financial, operational, or other activities, and is taking steps to appeal the demand.
The company has received a penalty demand, which is a negative event. However, the company disputes the demand and believes it will not have a significant financial impact, leading to a neutral overall sentiment.
Panacea Biotec Limited has announced the receipt of two Demand Orders dated September 28, 2026, from the Office of the Assistant Commissioner of Income Tax, Delhi. These orders, received on September 29, 2026, impose an aggregate penalty of approximately ₹4.32 Crore. The penalty is attributed to alleged misreporting or under-reporting of income under Section 156 of the Income Tax Act, 1961.
The demand pertains to Assessment Years 2022-23 and 2023-24. The company, however, believes the demand is not maintainable and is taking necessary steps, including filing an appeal with the appellate authority.
Panacea Biotec Limited does not anticipate any significant impact on its financial, operational, or other activities due to this demand.
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