Income Tax Rejection: Automobile Products of India Ltd Faces Rs 10.41 Crore Tax Demand and Rs 3.60 Crore Penalty

Automobile Products of India Ltd has received an order from the Principal Commissioner of Income Tax, Mumbai-6, rejecting their revision petition under Section 264 of the Income Tax Act, 1961. The order upholds the additions to the company's income of Rs 10.60 crores for Assessment Year 2015-16, resulting in a tax demand of Rs 10.41 crores and a penalty of Rs 3.60 crores under Section 271(1)(c) of the Act. The company is examining the order and will take appropriate legal steps. The financial impact on the company is to the extent of the aforesaid tax demand and penalty. The order was received on March 30, 2026, at about 11:38 A.M.