Income Tax Penalty of Rs 38.98 Lacs on IMFA for FY22-23 Capital Gains
IMFA · price
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IMFA received an order from the Income Tax Assessment Unit on Sept 22, 2026, demanding a penalty of Rs 38.98 Lacs under Section 270A of the Income-tax Act, 1961. The penalty relates to FY 22-23 and stems from a higher capital gain tax computed by the Assessing Officer on the sale of an immovable property. The company says there is no material financial, operational, or other impact. IMFA plans to appeal the order before the appropriate appellate authority.
Minimal financial impact as Rs 38.98 Lacs is immaterial. Company will appeal. No material effect on operations or business.