Chambal Fertilizers & Chemicals Limited has informed the Exchange about Action(s) taken or orders passed
CHAMBLFERT · price
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On the reaction day the stock moved in line with Nifty Smallcap 250 and 0.2 pts more than its Fertilizers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Chambal Fertilisers has received an order from the Income Tax Department's Assessment Unit levying a penalty of Rs. 58,27,971 (about Rs. 58.28 lakh) under Section 270A of the Income Tax Act, 1961. The penalty relates to an alleged wrong claim of deduction for Education Cess and Secondary & Higher Education Cess in the income tax return for Assessment Year 2017-18. The company originally claimed this deduction based on a favourable Rajasthan High Court ruling in its own case, but the Finance Act 2022 introduced a retrospective amendment overturning that position, after which the company surrendered the claim and paid the tax. The company has stated there is no material impact on its financial position or operations beyond the penalty amount, and it plans to challenge the order at the appropriate appellate forum.
The penalty is small in size (Rs. 58.28 lakh) and the company says it will not materially affect operations or financials, though a one-time charge is likely. Since the company intends to appeal, the final outcome remains uncertain and is not expected to move the stock price meaningfully.