Jubilant Pharmova’s Jubilant Biosys Faces ₹53.37 Crore Tax Disallowance, Company Moves NFAC To Challenge AY20 Order
Jubilant Pharmova's subsidiary, Jubilant Biosys, received a rectification order disallowing Rs 53.37 crore in brought forward losses. The company plans to appeal the order, expecting relief and no material adverse financial impact.
Jubilant Pharmova's subsidiary, Jubilant Biosys, received a rectification order. |
Mumbai: Jubilant Biosys, a wholly owned subsidiary of Jubilant Pharmova, received a rectification order on 29 June 2026 from the jurisdictional Assessing Officer in Noida. The order relates to Assessment Year 2019-20 (Financial Year 2018-19).
Tax Disallowance Details
The order disallows a claim of brought forward losses amounting to Rs 53.37 crore under Section 143(1) of the Income-tax Act, 1961.
Company Response
Jubilant Pharmova believes the tax adjustment disregards facts, company contentions, and legal provisions. The company announced its intention to file an appeal.
Appeal Strategy
Jubilant Pharmova is in the process of filing an appeal before the National Faceless Appeal Centre (NFAC), the first-level Appellate Authority. The company expects the impugned adjustment to be deleted following adjudication by the Appellate Authority, and does not anticipate any material adverse financial implication.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
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