Income Tax penalty orders of Rs. 61,025,681 and Rs. 31,965,125 received; company to appeal

Company received penalty orders from the Income Tax Department under section 271(1)(c) for alleged furnishing of inaccurate particulars of income: Rs. 61,025,681/- for AY 2009-10 and Rs. 31,965,125/- for AY 2011-12.

Sat 26 Sep 2026

Penalty Amount AY 2009-10

Rs. 61,025,681/-

Penalty Amount AY 2011-12

Rs. 31,965,125/-

Penalty Ground

Furnishing of inaccurate particulars of income

Penalty Order Date

September 24, 2026

Total Penalty

Rs. 92,990,806/-

What happened

The company informed the exchanges that it has received penalty orders from the Income Tax Department, National Faceless Penalty Centre, under section 271(1)(c) of the Income-tax Act, 1961.

• Penalty of Rs. 61,025,681/- for AY 2009-10
• Penalty of Rs. 31,965,125/- for AY 2011-12
• Alleged ground: furnishing of inaccurate particulars of income
• Orders received on September 24, 2026

Company's position

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

The company explained that after receiving the orders it was reviewing them, verifying relevant details and determining the appropriate course of action.

How to read it

Penalty orders of this nature relate to old assessment years and are commonly contested through the appeals process. The amounts involved are disclosed above, and the outcome will depend on the appellate proceedings. The disclosure itself is a regulatory intimation of a tax action, not a change in business operations.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.