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Panacea Biotec received two Income Tax demand orders totaling ₹4.32 Crore for alleged income misreporting. The company disputes the demand and plans to file an appeal.
Panacea Biotec received four income tax demand orders totaling ₹9.82 Crore for alleged misreporting. The company contests this as non-maintainable and plans to appeal.
Panacea Biotec's subsidiary received a GST Show Cause Notice. The notice alleges a total tax liability of ₹4.06 Crore for FY 2022-23.
Panacea Biotec filed a High Court appeal against an industrial tribunal award involving 23 workmen. The court granted interim relief, preventing coercive steps against the company.
Panacea Biotec filed appeals against three tribunal awards and will challenge a fourth. The company believes the awards are challengeable and foresees no material financial impact.
Panacea Biotec Ltd won a favorable order from the ITAT, Delhi, resulting in the cancellation of a ₹9.16 Crore tax demand for AY 2020-21. The tribunal set aside the previous disallowance of ₹3.44 Crore in expenses, marking a positive financial outcome for the company regarding its ongoing tax litigation.
Panacea Biotec Limited received four tribunal awards regarding labor disputes dating back to 2014. The Tribunal set aside workman transfers and awarded reinstatement with back wages. The company plans to challenge these orders in the Punjab and Haryana High Court and does not foresee a material financial impact at this stage.
Panacea Biotec Ltd has received a rectified Assessment Order for AY 2016-17 from the Income Tax Department. The order successfully nullifies the previous tax demand of approximately ₹10.23 Crore, determining the company's final tax liability as Nil. This rectification removes the potential financial liability and has a positive impact on the company's financials.
Panacea Biotec Limited received a rectified Assessment Order from the Income Tax department for AY 2015-16. The rectification successfully nullifies a previous tax demand of approximately ₹45.71 Crore, resulting in Nil tax liability. This correction of errors regarding disallowances and losses provides a significant positive financial impact for the company.