Zydus Lifesciences on Tuesday said its arm Zydus Healthcare Ltd has received income tax returns of Rs 284.58 crore for the assessment year 2023-2024.
Zydus Healthcare Ltd (ZHL), a wholly owned subsidiary, has received a direction under Section 143(1) of the Income Tax Act, 1961 (IT Act), which stipulates the demand of Rs 284.58 crore, Zydus Lifesciences said in a legal application.
The indication is for the assessment year 2023-2024 of the CPC, Income Tax Department, it added.
The demand is being determined due to “apparent errors in processing revenue returns,” the report said.
“The company is confident that once the rectification is made, the entire query will be removed,” Zydus Lifesciences said.
ZHL already disagrees with the question on the Income Tax Department's e-filing portal. It is also going to file a rectification application under Section 154 of the IT Act both before the CPC and the Jurisdictional Assessing Officer against the said direction, the filing said.
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First print: December 26, 2023 | 6:30 PM IST
