Tax penalty of Rs 1.02 Crore fully dropped by authorities
SUZLON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.1 pts less than Nifty Midcap 150 and 1.7 pts less than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Suzlon Energy has informed exchanges that an income tax penalty of Rs 1.02 Crore, originally levied by the Deputy Commissioner of Income Tax, Ahmedabad, has been fully dropped in fresh proceedings. The penalty related to disallowance on account of late payment of employees contribution to provident fund and ESI for FY 2016-17. This is a positive update removing an earlier financial liability on the company.
Positive for shareholders. Removes a pending tax liability, improves sentiment, and reduces any provisioning concerns related to the earlier demand.