Biocon arm Syngene International on Saturday announced that the company has received an assessment order passed by the Income Tax department for AY 2022-23, raising a demand of Rs 16 crore (including interest).
“The company has received an order passed under Section 143(3) read with Section 144B of the Income-tax Act, 1961 for Assessment Year 2022-23, raising a demand of Rs 16,00,99,610 (including interest),” the company said in a regulatory filing.
Responding to the demand order, Syngene International said that the company is in the process of analysing the order and will take the next course of action.
Per indirect tax experts, there could be flurry of tax notices in the months ahead, as the deadline for filing orders for mismatch in tax payment, wrongful availment of tax credits and discrepancies in tax returns filed for FY19 and FY20 lapses on April 30 and August 31 respectively.
Earlier in a report by FinancialExpress, Sohrab Bararia, partner, tax at Grant Thornton Bharat, had said, “GST is a new tax regime and there will be different positions that companies and tax authorities will take with respect to transactions in the initial years of its implementation. The tax notices that have been issued of late are for the 2017-18 financial year, whose deadline for filing orders, which are basically show-cause-cum-tax-demand notices, lapsed on December 31, 2023.”
“There will be more tax notices as tax authorities scrutinise transactions and returns for the next two years,” he had stated.