Income tax penalty of about Rs 16.13 crore; company appeals
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The Income Tax Department imposed a penalty of Rs 16,12,74,109, about Rs 16.13 crore, through an order dated September 28, 2026, received on September 29. Asian Star Company disputes the penalty and has appealed, expecting a favorable result. The company disclosed it on November 4 after seeking tax and legal advice.
If upheld, the penalty could weigh on shareholder value and stock sentiment. The company expects no financial or operating impact because it is appealing the order.