Venus Wins Rs 21.27 Crore Case Against IT
Venus Remedies celebrates victory in a longstanding case, securing a Rs. 21.27 crore refund from the Income Tax Department for the assessment years 2009-10, 2010-11, and 2011-12.
by Damodharan N
Updated Jul 12, 2024
Table of Content
Venus Remedies is pleased to announce a significant legal victory. The company has successfully won a longstanding case in the Hon'ble Income Tax Appellate Tribunal for the assessment years 2009-10, 2010-11, and 2011-12 against the Income Tax Department.
This favorable outcome has resulted in a refund of Rs. 21.27 crores from the Income Tax Department in compliance with the Tribunal's order. Venus Remedies views this as a substantial milestone and appreciates the Tribunal's fair judgment. The company has requested that this information be taken on record.
Read the full announcement Here
Market Reaction
Venus Remedies' stock opened higher at 400.75 and reached a high of 405.75 during the trading session on 12th July 2024. However, by the close of trading, the stock price decreased to 388.70, which was lower than the previous day's close of 395.30.
This indicates a volatile trading day with initial optimism fading as the session progressed, resulting in a decline from the day's high.
NSE Share Price Here
Venus Remedies
Venus Remedies Limited is a leading Indian pharmaceutical company dedicated to innovation and affordable healthcare solutions. Known for its strong R&D capabilities, Venus focuses on addressing unmet medical needs, especially in combating Antimicrobial Resistance (AMR).
The company offers a wide range of products, including antibiotics and anti-cancer drugs, and holds over 100 global patents. With three manufacturing facilities and a global presence in 69 countries.
Venus reaches 1,350 multi-speciality hospitals and 50,000 retailers. Committed to ethical practices and patient-centric solutions, Venus also collaborates with various partners to advance global health.
Venus Wins Rs21.27 Crore Case Against IT - FAQs
1. What legal victory did Venus Remedies achieve?
Venus Remedies won a case in the Hon'ble Income Tax Appellate Tribunal.
2. Which assessment years did Venus Remedies win the case?
The case covered the assessment years 2009-10, 2010-11, and 2011-12.
3. What was the outcome of the case for Venus Remedies?
Venus Remedies received a refund of Rs. 21.27 crores.
4. Who was the case against?
The case was against the Income Tax Department.
5. Which tribunal ruled in favor of Venus Remedies?
The Hon'ble Income Tax Appellate Tribunal ruled in favor of Venus Remedies.
6. How does Venus Remedies view this legal victory?
Venus Remedies sees it as a substantial milestone and appreciates the fair judgment.
7. What is the significance of this victory for Venus Remedies?
It marks a significant legal win and financial gain for the company.