Panacea Biotec Wins Tax Appeal, ₹9.16 Crore Demand Set Aside
Panacea Biotec Limited's appeal was allowed by the Income Tax Appellate Tribunal (ITAT) on April 29, 2026. The ITAT set aside a previous order that had raised a demand of ₹9.16 Crore. This order effectively cancels the demand and deletion of expenses for Assessment Year 2020-21.
The cancellation of a ₹9.16 Crore tax demand is a material financial event for the company, impacting its profitability and cash flow positively.
The company won a significant tax appeal, resulting in the cancellation of a ₹9.16 Crore demand.
Panacea Biotec Limited has received a favorable order from the Income Tax Appellate Tribunal (ITAT) concerning a tax litigation. The ITAT, in its order dated April 29, 2026, allowed the company's appeal and set aside the previous order dated August 14, 2025, issued by the Commissioner of Income Tax (Appeals).
This order stems from a Rectified Assessment Order dated October 10, 2023, passed by the Assessing Officer. Initially, the Assessing Officer had raised a demand of ₹9.16 Crore for Assessment Year 2020-21. This demand was based on an addition of ₹3.44 Crore under Section 14A of the Income Tax Act, read with Rule 8D of the Income Tax Rules. The ITAT's decision effectively leads to the deletion of these expense disallowances and the cancellation of the ₹9.16 Crore demand.
The company has disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The positive outcome is expected to have a favorable financial implication for Panacea Biotec Limited.
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