Income Tax penalty order of Rs. 29,253,601 received for AY 2010-11; company to appeal

The company received a penalty order from the Income Tax Department (National Faceless Penalty Centre) under section 271(1)(c) of the Income-tax Act, 1961.

Tue 29 Sep 2026

Penalty Amount

Rs. 29,253,601/-

Assessment Year

2010-11

Penalty Section

Section 271(1)(c) of the Income-tax Act, 1961

Penalty Date

September 29, 2026

Allegation

Furnishing of inaccurate particulars of income

What happened

The company disclosed, under Regulation 30 of SEBI LODR, that it has received a penalty order from the Income Tax Department, National Faceless Penalty Centre.

• Penalty amount: Rs. 29,253,601/-
• Section: 271(1)(c) of the Income-tax Act, 1961
• Assessment Year: 2010-11
• Allegation: furnishing of inaccurate particulars of income
• Date of receipt of order: September 29, 2026

Company's position

The company states it believes the penalty order is not sustainable and is taking necessary steps to appeal against it before the appropriate authority. It is hopeful of a favourable outcome at the appellate level and accordingly believes there will be no impact on its financials, operations or other activities due to this order.

How to read this

This is a tax penalty relating to a very old assessment year, now contested. Such matters typically move through appellate stages before a final outcome. The amount involved is fixed and stated in the order.

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