Torrent Pharma slapped with Rs.2.3 Crore Penalty from Income Tax Department:

Torrent Pharma slapped with Rs.2.3 Crore Penalty from Income Tax Department The Income Tax Department has issued an order against Torrent Pharmaceuticals under Section 271(1)(c) of the Income Tax Act of 1961 imposing a penalty of Rs.2,31,86,725, according to an exchange filing. The order imposes a penalty for specific tax changes. The company is going to file an appeal against the tax department's order. "According to the Company assessment, the Company will pursue an appeal and is optimistic of a favourable outcome at a higher forum and does not expect the said Order to have any material financial impact on the Company," Torrent Pharma said in an exchange filing. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Torrent Pharma, a leading pharma company in India, excels in niche marketing and is a top player in cardiovascular, CNS, GI, women's healthcare, and more.