Income tax penalty order of about Rs 34.24 lakh for AY 2017-18, company to appeal

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AI summary

Archean Chemical Industries has received a penalty order under Section 270A of the Income Tax Act for Assessment Year 2017-18, amounting to Rs 34,24,248 (about Rs 34.24 lakh). The order, passed by the Deputy Commissioner of Income Tax, Central Circle 1(4), Chennai, was received on June 30, 2026, and pertains to alleged under-reporting of income considered as misreporting. The company plans to appeal before the Commissioner of Income Tax (Appeals) within prescribed timelines and expects a favorable outcome with no material financial impact.

Likely market impact

Small penalty relative to company size; appeal pending, management sees no material financial impact, likely limited stock impact.