Shree Renuka Sugars Limited has informed the Exchange about an order passed by the Income Tax Department, Ministry of Finance, Government of India, of penalty imposed on the Company.
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Shree Renuka Sugars has informed exchanges about a penalty of Rs. 4.75 crore (Rs. 4,74,73,199) imposed by the Income Tax Department under Section 271(1)(c) of the Income Tax Act, 1961. The penalty relates to Monica Trading Private Limited, an erstwhile wholly owned subsidiary that merged with the company effective December 6, 2024. The penalty is for alleged non-submission of documentation for Assessment Year 2012-13, following rejection of the company's appeal at the Income Tax Appellate Tribunal against an underlying tax demand of Rs. 7.01 crore for alleged unexplained investments. The company states it has strong merit in the case and plans to file a further appeal, and maintains there is no material impact on its financial position or operations.
The penalty amount is relatively small compared to the company's size and the company has stated no material financial or operational impact. However, investors should monitor the outcome of the planned appeal, as an adverse ruling could lead to the penalty plus interest being crystallized.