Income tax penalty of Rs 1.19 crore imposed; company to appeal
CUMMINSIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.7 pts less than Nifty 100 and 0.3 pts less than its Compressors Pumps & Diesel Engines peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Assessment Unit of Income Tax Department imposed a penalty of Rs 1.19 crore (Rs 1,19,10,452) on Cummins India under Section 27(1)(c) of the Income Tax Act. The order was passed without giving the company a chance to be heard. The penalty relates to an underlying adjustment already contested in an appeal pending before the Income Tax Appellate Tribunal. The company will file an appeal with the Appellate Authority. Management says the penalty has no material impact on financials or operations.
Small penalty relative to company size and being appealed. No material financial or operational impact per management.