Sun Pharma arm SPARC gets I-T demand notice for Rs 32.87 crore

New Delhi : Sun Pharma Advanced Research Company (SPARC) said it has received a demand notice from income tax authorities for a sum of Rs 32.87 crore.

The company is contesting the demand, which is for the assessment year 2013-14, SPARC said in a regulatory filing.

"The company is in receipt of a 'Demand Notice' under the Section 156 of the Income Tax, 1961, demanding the payment by the company of a sum of Rs 32.87 crore for the assessment year 2013-14," it said.

The company is contesting the demand and will file an appropriate appeal against this under the applicable provisions of the Income Tax Act, 1961, within the stipulated period, it added.

SPARC was demerged from Sun Pharma as a pharma research and drug discovery company in 2007.