Income tax penalty orders of about Rs 92 crore; company to appeal
KNRCON · price
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On the reaction day the stock moved 3.9 pts less than Nifty Microcap 250 and 4.1 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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KNR Constructions received income tax penalty orders from the Assistant Commissioner of Income Tax, Central Circle 2(2) Hyderabad, for four assessment years: AY 2017-18 (Rs 2.80 crore), AY 2018-19 (Rs 16.65 crore), AY 2019-20 (Rs 56.40 crore) and AY 2020-21 (Rs 15.99 crore), totalling about Rs 91.84 crore. The penalties were levied under Section 270A of the Income Tax Act following search-related assessments. The company states the demands are not maintainable in law and will file appeals before the appropriate forum within the stipulated timeline.
Material financial risk if appeals fail, creating a near-term overhang on the stock. Management is contesting all orders.