Sir Shadi Lal Enterprises Ltd Faces Rs. 17.38 Crore Penalty from Income Tax Department

Sir Shadi Lal Enterprises Ltd has disclosed a penalty order passed by the Income Tax Department for the Assessment Year 2015-16. The penalty of Rs. 17.38 crores was imposed under section 271(1)(c) of the Income Tax Act, 1961, for furnishing inaccurate particulars of income. The company has contested the penalty and is hopeful of obtaining full relief by way of cancellation. The penalty is mainly comprised of Rs. 5.50 crores on account of alleged non-consideration of amount in computing long term capital gain from the sale of its unit in Shamli, UP.