Nectar Lifesciences Limited had filed a writ petition in Punjab and Haryana High Court seeking quashing of notices under Section 148 and 148(A)b of Income Tax Act 1961 whereby reassessment of the return of income filed for the assessment years 2017-2018 to 2021-22 has been sought by the IT department.
The High Court has directed the IT department to decide objections/representations filed by the Company, by passing speaking order within eight weeks from date of this order.
The formal order from the High Court is awaited. “However, as an abundant precaution the company is in process of filing of returns as sought by the IT department,” the company said in an exchange filing.
The disclosure was made under Regulation 30 of the Securities and Exchange of Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.