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Business News/ Companies / News/  Sun Pharma research arm SPARC gets income tax demand notice for Rs32.87 crore
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Sun Pharma research arm SPARC gets income tax demand notice for Rs32.87 crore

Sun Pharma Advanced Research Company says it is contesting the demand, which is for the assessment year 2013-14

Sun Pharma Advanced Research Company, or SPARC, was demerged from Sun Pharma as a pharma research and drug discovery company in 2007. Photo: Hemant Mishra/MintPremium
Sun Pharma Advanced Research Company, or SPARC, was demerged from Sun Pharma as a pharma research and drug discovery company in 2007. Photo: Hemant Mishra/Mint

New Delhi: Sun Pharma Advanced Research Company (SPARC) on Friday said it has received a demand notice from income tax authorities for a sum of Rs32.87 crore.

The company is contesting the demand, which is for the assessment year 2013-14, SPARC said in a regulatory filing.

“The company is in receipt of a ‘Demand Notice’ under the Section 156 of the Income Tax, 1961, demanding the payment by the company of a sum of 32.87 crore for the assessment year 2013-14," it said.

The company is contesting the demand and will file an appropriate appeal against this under the applicable provisions of the Income Tax Act, 1961, within the stipulated period, it added.

SPARC was demerged from Sun Pharma as a pharma research and drug discovery company in 2007.

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Published: 24 Feb 2017, 08:35 PM IST
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