Tax Department files complaint over delayed tax deposit
GLOBECIVIL · price
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The Income Tax Department has filed a complaint seeking prosecution of Globe Civil Projects and its directors for delayed deposit of tax deducted at source for FY 2017-18. The case is pending in a Delhi court, is compoundable and has maximum potential liability of Rs 2 million. The company says it paid all interest and late fees and has no outstanding liability.
No final liability has been set. The case creates legal and cost risk of up to Rs 2 million, although the company may be able to compound it.