UBL gets income tax penalty orders worth about 54.83 crore across 7 assessment years
UBL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 4.6 pts less than Nifty Midcap 150 and 3.3 pts less than its Breweries & Distilleries peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
UBL received penalty orders from the Income Tax National Faceless Assessment Centre for assessment years 2013-14, 2014-15, 2017-18 (two orders), 2018-19, 2020-21, and 2022-23, aggregating to about Rs 54.83 crore under sections 270A and 271(1)(c) of the Income-tax Act. UBL has already filed appeals before ITAT and Commissioner (Appeals), which are pending. The company states it has a strong case and does not expect material financial impact apart from a minimal statutory pre-deposit for appeals.
Pending appeals may offset the penalty demand; minimal near-term financial impact expected if UBL's defence succeeds.