Mankind Pharma Limited inform that the Company has received an order from Income Tax department for Assessment Year 2021-22. Name of the authority Office of the Dy. Commissioner of Income Tax, Central Circle 29, New Delhi ("IT Authority"), Order dated February 25, 2025 (Received on February 27, 2025 through IT Portal).
The IT Authority vide assessment order dated February 25, 2025 has raised additional tax demand (including interest) of INR 1,116.8 million under section 143(3) read with Section 144C(3) of the Income-tax Act, 1961 (`the Act') on account of adjustment made u/s 80IC/80IE of the Act and disallowance of various expenditures u/s 37(1) of the Act. The Company believe that the demand under the above referred Order is not tenable in law. The Company has adequate factual and legal grounds to substantiate its position and does not expect any material impact on financials or operations of the Company due to the said order.
The Company would pursue appeal against the said order under the applicable laws.
Mankind Pharma Limited is an India-based pharmaceutical company. The Company is engaged in developing, manufacturing, and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. It also offers pet care, crop protection solutions, and veterinary care. It offers healthcare solutions for a range of healthcare needs with a portfolio that includes anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/central nervous system, vitamins, minerals and nutrients, derma, fertility, and respiratory therapies. Its portfolio of brands includes Nurokind, Telmikind, Manforce (Rx), Gudcef, Moxikind, Amlokind, Glimestar, Asthakind, Codistar, Candiforce, Mahacef, Dydroboon, Cefakind, Zenflox, Monticope, Dynaglipt, Rivotril, and others. Its subsidiaries include Lifestar Pharma Private Limited, Magnet Labs Private Limited, Jaspack Industries Private Limited, and others.
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