Jubilant Generics Gets Rs 65.48 Crore Relief as Income Tax Rectification Cuts AY 2023-24 Tax Adjustment

Jubilant Pharmova Limited has informed the stock exchanges that its wholly owned step-down subsidiary, Jubilant Generics Limited (JGL), has received significant relief from the Income Tax Department through a rectification order for Assessment Year 2023-24. The rectification has reduced the tax adjustments from Rs.107.89 crore to Rs.42.41 crore, resulting in a relief of Rs.65.48 crore.

According to the disclosure made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, JGL had filed a rectification application against the income assessed by the Income Tax Department. Pursuant to the rectification order dated June 23, 2026, the department accepted the rectification and substantially reduced the tax adjustments.

The company stated that the relief follows an order from the relevant Transfer Pricing Officer, which restored tax losses amounting to Rs.65.48 crore.

While the rectification has significantly reduced the tax demand, Jubilant Pharmova clarified that JGL will continue to pursue its appeal on the merits before the Commissioner of Income Tax (Appeals) [CIT(A)].

The company received the rectification order on June 23, 2026, at 10:17 PM (IST) and has disclosed the development to the stock exchanges in compliance with SEBI’s disclosure requirements.