SPARC gets I-T dept demand notice for Rs 27.30 cr

Sun Pharma Advanced Research Company (SPARC) said it has received a demand notice from the income tax department for payment of Rs 27.30 crore for the assessment year 2014-15. The company is in “receipt of a ‘Demand Notice’ under section 156 of the Income Tax, 1961, demanding the payment by the company of a sum of Rs 27.30 crore for the assessment year 2014-15,” SPARC said in a filing to BSE. The company is contesting the demand and would file an appropriate appeal against this order within the stipulated period, it added. Shares of Sun Pharma Advanced Research Company today closed at Rs 457.45 per scrip on BSE, up 6.27 per cent from its previous close.