Maruti Suzuki gets Rs 149.64 mn income tax penalty order for FY23
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Maruti Suzuki's erstwhile subsidiary Suzuki Motor Gujarat (now amalgamated with the company) received a Rs 149.64 million penalty order from the Income Tax Authority under Section 270A of the Income Tax Act for FY 2022-23. The penalty relates to certain additions and disallowances sustained in the Final Assessment Order, which are currently sub judice before appellate authorities. The company will file an appeal against the order and has stated there is no major impact on its financials, operations, or other activities.
Penalty is small relative to size and company will appeal. No material impact expected on financials or operations.