Piramal Enterprises Limited has received an order on 25 April, 2024 from the office of The Commissioner of Income Tax, Appeal, Mumbai (Order) levying a penalty of INR 0.15 million under Section 271B of the Income Tax Act, 1961, for the assessment year 2012-13, in the matter of Paramount Pharma Private Limited, which is merged with the Company. The Company believes that it has adequate grounds to support its position in the matter and shall consider adopting the appropriate course of action in the best interest of the Company. The financial impact of the Order is to the extent of the penalty levied and there is no impact on financials of the Company.
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