Associated Alcohols & Breweries Ltd. has informed the Exchange about Action(s) initiated or orders passed
ASALCBR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Income Tax Department has issued penalty orders against the company totalling around Rs. 1.05 crore — Rs. 51.48 lakh for AY 2018-19 and Rs. 53.25 lakh for AY 2019-20. The penalties stem from additions of Rs. 8.58 crore (AY 2018-19) and Rs. 8.88 crore (AY 2019-20) made to the company's total income on account of alleged unexplained expenditure under section 69C of the Income Tax Act. The matter is already pending before the Madhya Pradesh High Court, which has directed that the tax department can pass the order but cannot implement it without the Court's permission. The company has stated it will initiate appropriate legal proceedings and that there is no material financial or operational impact from this order.
The penalty amount is small relative to the company's size, and the High Court has already shielded the company from immediate enforcement. Shareholders face limited near-term financial impact, but the final outcome of the company's legal challenge could alter this assessment.