Gufic biosciences Limited has received an income tax demand notice of ₹4.33 crores for Assessment Year 2024-25, the pharmaceutical company informed stock exchanges on January 20, 2026. The demand was issued under Section 156 of the Income Tax Act, 1961, following a computation under Section 143(1)(a) due to disallowance of expenditure.

Tax Demand Details

The Income Tax Department raised the demand aggregating to ₹4,33,36,680 based on expenditure disallowances during the assessment process. The company received the order dated December 22, 2025, on January 19, 2026, and promptly disclosed the information to comply with SEBI listing regulations.

Company's Response Strategy

Gufic Biosciences plans to challenge the tax demand through the appellate process. The company intends to file an appeal before the Commissioner of Income Tax (Appeal) within the time limit prescribed under the Income Tax Act. Management expressed confidence in achieving a favorable outcome based on the case merits, prevailing law, and advice from tax advisors.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company provided comprehensive details as required under the SEBI Master Circular dated November 11, 2024, ensuring transparency with stakeholders regarding the tax proceedings.

Financial Impact Assessment

While the demand represents a significant amount, the company's assessment suggests potential for successful appeal. Gufic Biosciences emphasized that based on legal advice and case merits, they remain hopeful of a favorable resolution at the appellate authority level. The company will continue to monitor the proceedings and keep stakeholders informed of any material developments.

Gufic BioSciences has informed stock exchanges about receiving a GST penalty order totaling ₹15,64,052 from tax authorities for the period spanning FY2018-19 to FY2022-23. The pharmaceutical company disclosed this development under Regulation 30 of the SEBI Listing Regulations.

Penalty Details and Breakdown

The penalty order was issued by the Office of the Superintendent CGST, Range-07, Division II, Ghaziabad, under various provisions of the CGST Act, 2017, UPGST Act, 2017, and IGST Act, 2017. The total penalty comprises two distinct components related to different tax violations.

Nature of Alleged Violations

The tax authorities have imposed penalties on Gufic BioSciences for two specific violations:

1. A penalty of ₹15,35,080 for alleged excess Input Tax Credit claimed during the assessment period.
2. A penalty of ₹28,972 for short payment of tax liability.

Both penalties have been imposed under Section 74 of the CGST Act, 2017 and UPGST Act, 2017, read with Section 20 of the IGST Act, 2017, indicating the comprehensive nature of the tax assessment across different GST categories.

Company's Response and Next Steps

Gufic BioSciences has expressed its intention to contest the penalties. The company plans to file an appeal before the concerned authority, challenging the penalty order through proper legal channels.

Financial Impact Assessment

The company has assessed that the penalty order will have no material impact on its financial operations or other business activities. Based on prevailing law and counsel advice, Gufic BioSciences remains hopeful of achieving a favorable outcome at the next adjudicating authority or tribunal level.

This regulatory disclosure ensures transparency with stakeholders while the company prepares its legal response to challenge the imposed penalties through the appropriate appellate process.