Income tax penalty of Rs 4.73 lakh imposed for AY 2017-18
BALAJEE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Company received an order from the Income Tax Department under Section 270A of the Income-tax Act for Assessment Year 2017-18. A penalty of Rs 4,73,624 has been imposed for alleged under-reporting of income, related to delayed PF and ESI deposits, directors personal expenses claimed as business expenditure, and TDS compounding fees claimed as deductions. The company says this will not have any material impact on its financials and is evaluating the order, with plans to file an appeal.
Minor penalty, no material financial impact expected. Company plans to appeal. Negligible effect on shareholders.