Cancellation of Penalty Order dated September 20, 2025.
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Indag Rubber Limited has received communication that the Commissioner of Income-tax (Appeals) has cancelled the penalty order of Rs. 21,34,700 (~Rs. 21.35 lakhs) that was originally issued on September 20, 2024 under Section 269T read with Section 271E of the Income Tax Act, 1961. The original penalty related to the assessment year 2017-18 and was issued because loan repayments of Rs. 21,34,700 to various entities were made otherwise than through a/c payee cheque, bank draft, or electronic clearing system. The company had filed an appeal on October 16, 2024, and after considering the facts and circumstances submitted, the appellate authority has cancelled the penalty. The company has stated there is no financial or operational impact from this order.
This is positive news for shareholders — the company successfully appealed a tax penalty and no longer faces the Rs. 21.35 lakh liability, confirming the company's earlier confidence in its position. Minor relief in monetary terms, but removes a regulatory overhang.