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What is the story about?
Solara Active Pharma Sciences said on Friday, August 28, that the Income Tax Department has reduced a ₹161.92-crore tax demand against the company to nil after correcting the computation.
The demand related to assessment year 2019-20 and stemmed from a notice received by the pharmaceutical company on March 17, 2026.
Solara had subsequently sought a rectification under Section 154 of the Income-tax Act, arguing that the demand had been incorrectly calculated.
After examining the application, the tax authority corrected the computation and reduced the entire ₹161.92-crore demand to nil, Solara said in an exchange filing.
No tax demand remains
The rectification order was issued by the Assistant Commissioner of Income Tax, Central Circle-3, Thane, under Section 154 read with Section 147 of the Income-tax Act.
Solara said there is now no outstanding demand against the company in connection with the notice and that the matter will have no impact on its finances, operations or other activities.
The order also doesn't identify any non-compliance, violation or default by Solara, and no penalty, restriction or sanction has been imposed.
Shares of Solara Active Pharma Sciences closed 1.82% higher at ₹623 on the NSE on Friday.
Also Read: As Nepal gears up for another flood scare, one estimate puts initial damage at $5 billion
The demand related to assessment year 2019-20 and stemmed from a notice received by the pharmaceutical company on March 17, 2026.
Solara had subsequently sought a rectification under Section 154 of the Income-tax Act, arguing that the demand had been incorrectly calculated.
After examining the application, the tax authority corrected the computation and reduced the entire ₹161.92-crore demand to nil, Solara said in an exchange filing.
No tax demand remains
The rectification order was issued by the Assistant Commissioner of Income Tax, Central Circle-3, Thane, under Section 154 read with Section 147 of the Income-tax Act.
Solara said there is now no outstanding demand against the company in connection with the notice and that the matter will have no impact on its finances, operations or other activities.
The order also doesn't identify any non-compliance, violation or default by Solara, and no penalty, restriction or sanction has been imposed.
Shares of Solara Active Pharma Sciences closed 1.82% higher at ₹623 on the NSE on Friday.
Also Read: As Nepal gears up for another flood scare, one estimate puts initial damage at $5 billion
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