Income tax penalty of Rs. 1.74 crore imposed for AY 2019-20
GSLSU · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Global Surfaces received an order from the Income Tax Department on June 30, 2026, imposing a penalty of Rs. 1,73,99,169 (around Rs. 1.74 crore) under Section 271D of the Income Tax Act for Assessment Year 2019-20. The penalty is for alleged contravention of Section 269SS, which relates to accepting loans or deposits otherwise than through specified banking modes. The company is reviewing the order and plans to file an appeal, stating it has adequate legal and factual grounds to contest.
Minor one-time hit of about Rs. 1.74 crore; company plans to appeal and expects no material adverse impact on financials or operations.