Penalty Order of Rs. 149.64 Million Received from Income Tax Authority for FY 2022-23
An income tax penalty order under Section 270A for FY 2022-23 has been received, imposing a penalty of Rs. 149.64 million.
- Penalty Amount
- Rs. 149.64 million
- Financial Year
- FY 2022-23
- Penalty Type
- Section 270A of the Income-tax Act, 1961
- Related Entity
- Suzuki Motor Gujarat Private Limited
- Company Position
- Will file appeal; states no major impact on financials or operations
What happened
The company informed the exchanges that Suzuki Motor Gujarat Private Limited, now amalgamated into and with the company, has received a Penalty Order from the Income Tax Authority.
Details
- Authority: Income Tax Authority
- Nature: Penalty Order under Section 270A of the Income-tax Act, 1961
- Financial year involved: FY 2022-23
- Penalty amount: Rs. 149.64 million
- Date of receipt: 29th September 2026
The penalty arises on account of certain additions / disallowances sustained in the Final Assessment Order. These additions/disallowances are subjudice before appellate authorities.
Company's response
The company will file an appeal against the Penalty Order. It has stated that there is no major impact on the financial, operational or other activities of the company due to this order.
How to read this
Section 270A deals with penalty for under-reporting or misreporting of income. Since the underlying tax additions are still being contested before appellate authorities, the final outcome on both the additions and the related penalty will depend on those proceedings.
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More numbers
- Penalty imposed under Section 270A for FY 2022-23Rs. 149.64 million
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