Gufic Biosciences Limited has filed a regulatory disclosure under Regulation 30 of SEBI Listing Regulations regarding receipt of an order from the Income Tax Appellate Tribunal (ITAT), Mumbai.
The company received the ITAT order dated October 15, 2026, on November 04, 2026. The order pertains to assessment under Section 143(3) read with Section 144B of the Income Tax Act, 1961 for Assessment Year 2023-24.
Background of the Case
The matter originates from an Assessment Order dated March 18, 2025, which raised a tax demand of ₹11,88,88,580 against the company. This demand was subsequently reduced to ₹11,76,198 by the Commissioner of Income Tax (Appeals) [CIT(A)].
ITAT Proceedings and Order
The Income Tax Department filed an appeal before ITAT against the relief granted by CIT(A), while the company filed a cross-objection against the disallowance sustained by CIT(A).
The ITAT order bearing ITA No. 7885/MUM/2025 and CO No. 30/MUM/2026 for Assessment Year 2023-24 has:
- Allowed both the Department's appeal and the company's cross-objection for statistical purposes
- Set aside the findings of CIT(A)
- Restored the matters to the file of the Assessing Officer for fresh consideration in accordance with law
Financial and Operational Impact
As per the disclosure:
- No demand arises from the said ITAT order
- There is no impact on the operations of the company
- The tax liability, if any, will be determined upon completion of the fresh assessment proceedings
- The company will take appropriate steps to protect its interests
Authority Details
- Name of Authority: Income Tax Appellate Tribunal, Mumbai
- Nature of Action: Order allowing appeals for statistical purposes and remanding matter for fresh assessment
- Date of Receipt: November 04, 2026 (order dated October 15, 2026)
- Violation Details: Relates to certain disallowances made during assessment proceedings for AY 2023-24