GBGufic Biosciences509079Tax or GST

ITAT restores AY 2023-24 tax matters to the Assessing Officer for fresh assessment

ITAT Mumbai order dated October 15, 2026 received by the company on November 04, 2026.

By ScoutQuest · Wed 4 Nov 2026, 6:38 PM IST · 2 min read

ITAT Order Date

ITAT Mumbai order dated October 15, 2026

Order Received Date

received by the company on November 04, 2026

Assessment Year

AY 2023-24 matters restored to the Assessing Officer; no demand arises from this order

The order and what it does

Gufic Biosciences has informed BSE and NSE that it received an order dated October 15, 2026, passed by the Income Tax Appellate Tribunal (ITAT), Mumbai, on November 04, 2026. The order relates to the company's income tax assessment for Assessment Year 2023-24.

The chain of events, in the company's own numbers

• An assessment order dated March 18, 2025 raised a tax demand of ~Rs. 11.89 crore against the company.
• On appeal, the Commissioner of Income Tax (Appeals), or CIT(A), reduced that demand to ~Rs. 11.76 lakh.
• The Income Tax Department then went to the ITAT against the relief the CIT(A) had given, while the company shared a cross-objection against the disallowance the CIT(A) had sustained.

What the ITAT has now done

• Allowed both the Department's appeal and the company's cross-objection, but "for statistical purposes".
• Set aside the findings of the CIT(A).
• Restored the matters to the file of the Assessing Officer for fresh consideration in accordance with law.

What "for statistical purposes" means here

In tax tribunal language, allowing an appeal for statistical purposes is a procedural disposal, not a ruling on the merits of the dispute. The ITAT has not upheld the Department's case or the company's case on the tax treatment of the disallowances. Instead, it has cleared the earlier decision and sent the matter back to the Assessing Officer to be examined again from that stage.

The subject matter is described as certain disallowances made during the assessment proceedings for Assessment Year 2023-24.

What the company says about impact

The update states that no demand arises from the said order and that there is no impact on the operations of the Company. The tax liability, if any, will be determined only after the fresh assessment proceedings are completed. The company has said it will take appropriate steps to protect its interests.

What a retail investor can take away

• This is a procedural development. The matter has been reopened for fresh assessment rather than settled.
• The ITAT order itself does not create a payable amount. Any liability would come out of the fresh assessment that follows.
• The dispute traces back to a demand of ~Rs. 11.89 crore, which the CIT(A) had earlier cut to ~Rs. 11.76 lakh; that reduction now stands set aside and will be looked at again.
• The company has separately stated that its operations are unaffected.

The perception the news can create is one of a reopened tax matter rather than a fresh hit, because no demand arises from this order. The next milestone to track would be the outcome of the fresh assessment by the Assessing Officer.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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