Arrow Greentech Limited has informed the Exchange about Delay/default in the payment of fines/penalties/dues etc. to authority
ARROWGREEN · price
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Arrow Greentech has received a penalty demand of Rs. 1.80 crores from the Income Tax Department's Assessment Unit under Section 270(A) of the Income Tax Act, 1961, for Assessment Year 2017-18. The penalty follows the dismissal of the company's appeal before the Commissioner of Income Tax (Appeals) [CIT(A)] against disallowances of certain expenditure and deductions claimed under the Income Tax Act. The company states there is no material impact on its financials or operations, and plans to file an appeal within the stipulated period. It has already appealed to the Income Tax Appellate Tribunal (ITAT) against the CIT(A) order and requested the Commissioner to hold recovery until the ITAT ruling.
The Rs. 1.80 crore penalty is a setback in the company's tax litigation, but management says it is not financially material. The stock may see mild negative sentiment, though the ongoing ITAT appeal and stay request on recovery limit near-term cash outflow risk.