SLSnowman Logistics538635Tax or GST

Income Tax rectification order lowers penalty demand to ~Rs. 1.72 crore from ~Rs. 2.07 crore

Snowman Logistics received a rectification order under Section 154 of the Income Tax Act on October 28, 2026.

By ScoutQuest · Thu 29 Oct 2026, 4:27 PM IST · 1 min read

Revised penalty demand

~Rs. 1.72 crore (reduced from ~Rs. 2.07 crore)

Reduction in penalty demand

~Rs. 34.43 lakh

Order details

Rectification order under Section 154 of the Income Tax Act received October 28, 2026; Assessment Year 2024-25

What the company disclosed

• Snowman Logistics has received a rectification order under Section 154 of the Income Tax Act, 1961, dated October 16, 2026.
• The order was received by email on October 28, 2026 and relates to Assessment Year 2024-25.
• The authority named is the Deputy Commissioner of Income Tax, Central Circle-2(1), Mumbai.

The numbers to note

• An earlier demand notice under section 270A(13) of the Act, for Financial Year 2024-25, was for ~INR 2.07 crore; this was intimated to the stock exchanges on October 02, 2026.
• The company shared an application under section 154, and the rectification order has revised the demand to ~INR 1.72 crore.
• The reduction in the penalty amount is therefore ~INR 34.43 lakh.

Where the matter stands

• The company states it has already shared an appeal against the penalty order before the appropriate authority.
• It says it is hopeful of a favourable outcome at the appellate level.
• The company believes there is no impact on its financials, operations or other activities.

How a reader can look at it

• A rectification order is the tax department reworking its own earlier demand; here the figure payable has come down.
• The revised amount is still a demand raised by the department, and the company is contesting it at the appellate level, so the outcome there is the next thing to watch.
• The company's own stated position is that this does not affect its financials or operations; the quantum involved is ~INR 1.72 crore as revised.

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