Archean Chemical receives ₹34.24 Lacs income tax penalty

Archean Chemical Industries Ltd has received a penalty order under Section 270A of the Income Tax Act, 1961, for the Assessment Year 2017-18. The penalty, amounting to ₹34,24,248, was imposed for under-reported income due to misreporting. The order was received on June 30, 2026. The company intends to contest the order by filing an appeal before the Commissioner of Income Tax (Appeals) within the prescribed timelines. Based on a preliminary assessment, the company anticipates a favorable outcome and does not expect the penalty to have any material financial impact.