Jubilant Pharmova Limited has secured a significant financial relief after the Income Tax Department deleted a tax demand of Rs 22.10 crores for Assessment Year 2020-21. The company received the rectification order at 10:06 pm IST on July 15, 2026, which nullifies the demand in its entirety. This development follows a rectification application the company filed against the demand raised by the Income Tax Department.

The order pertains to a mistake apparent from record in the assessment order. While the rectification order has provided relief from the relevant Assessing Officer, the company stated that an appeal filed before the Income Tax Appellate Tribunal (ITAT) on different grounds is yet to be adjudicated. The disclosure was made to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Details of the Order

The rectification application was filed to address the specific tax demand for the financial period in question. The successful deletion of the demand removes a potential financial liability for the company. However, the ongoing proceedings before the ITAT indicate that other aspects of the assessment are still under review.

The company confirmed that the order has been posted on its website. Naresh Kapoor, Company Secretary, signed the disclosure on behalf of Jubilant Pharmova Limited .

Jubilant Pharmova Ltd's wholly owned subsidiary, Jubilant Biosys Limited, received a rectification order from the jurisdictional Assessing Officer in Noida for Assessment Year 2019-20, disallowing brought forward losses of Rs 53.37 crore. The order, dated June 29, 2026, amends the assessment under Section 143(1) of the Income-tax Act, 1961, for Financial Year 2018-19. The company believes the tax adjustment ignored facts and legal provisions and plans to challenge the decision.

The subsidiary is preparing to file an appeal before the National Faceless Appeal Centre (NFAC), the first-level Appellate Authority. Management expects the impugned adjustment to be deleted post-adjudication and does not anticipate any material adverse financial implications from the order. The event was reported to the exchanges on June 30, 2026.

The tax dispute centers on the disallowance of losses carried forward from previous years. The Assessing Officer in Noida rejected the claim, leading to a potential tax liability for the subsidiary. The company maintains that the order is not sustainable under the provisions of law.

Details of the Rectification Order

The filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The document has been posted on the company's website.