Craftsman Automation Limited has informed the Exchange about Action(s) taken or orders passed
CRAFTSMAN · price
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Craftsman Automation informed the exchanges that the Deputy Commissioner of Income Tax, Corporate Circle-1, Coimbatore, has pronounced an order on its revisionary petition against an earlier income tax penalty. The original penalty demand of Rs. 2,28,80,481 (approximately Rs. 2.29 crore) has been drastically reduced to just Rs. 37,710. This follows up on an earlier intimation dated 1st March 2024. The company has stated that there is no material impact on its financials, operations, or other activities due to this order.
This is a positive outcome for shareholders — the income tax penalty has been reduced to a negligible amount (Rs. 37,710 versus the earlier Rs. 2.29 crore demand), so there is no meaningful financial hit to the company.