Drug firm Sanofi India Ltd on Wednesday (January 22) disclosed receiving a transfer pricing order from the office of the Joint Commissioner of Income Tax, Transfer Pricing, for assessment year 2022-23. The order, dated January 21, 2025, has imposed an income tax liability of ₹26.50 crore due to disallowed international transactions.
“…we hereby submit the disclosure regarding Order issued by the Office of the Joint Commissioner of Income Tax, Transfer Pricing, Income Tax Department, Ministry of Finance, Government of India,” Sanofi India said in a regulatory filing.
The company stated that the adjustments stem from transfer pricing issues identified by the assessing authority. Sanofi India is awaiting the completion of draft assessment proceedings, after which it plans to appeal the order before higher tax authorities.
“The company is awaiting completion of the Draft Assessment proceedings and post the same, an application will be made before the Higher Tax Authorities. There is no material impact on financial, operational or other activities of the company,” Sanofi India said.
