Cipla receives tax demand notice of Rs 773 crore

Delhi: Drug major Cipla on Tuesday said it has received a demand notice of Rs 773.44 crore from the income tax department for assessment years 2015-16 to 2022-23. The Mumbai-based drugmaker said in a regulatory filing that the I-T authority has raised an additional demand of tax on account of various disallowances of various expenses through assessment and reassessment orders dated July 12, 2024. It added that the demand of Rs 773.44 crore does not include any refund in any of the above-mentioned assessment years. “The company believes that the demands under the above-mentioned orders are not lawful,” Cipla said. The drugmaker has sufficient factual and legal grounds to substantiate its position and it does not expect any material impact on the company’s financials or operations due to the said order.