Tax & Penalty4 Nov 2026, 06:52 pm
Asian Star fined ₹16.12 Cr by Income Tax Dept
AI Summary
Asian Star Company Ltd has received a penalty order from the Income Tax Department, levying a fine of ₹16,12,74,109/- under Section 271G of the Income-tax Act, 1961. The company received the order via email on September 29, 2026. Asian Star believes the penalty is unsustainable and has filed an appeal with the appropriate authority, expressing hope for a favorable outcome. Consequently, the company anticipates no impact on its financials, operations, or other activities. The delay in disclosure was attributed to the time taken for review and consultation with tax and legal advisors.
Key Highlights
- Company received penalty order of ₹16.12 Crore from Income Tax Department.
- Penalty levied under Section 271G of the Income-tax Act, 1961.
- Company believes penalty is unsustainable and has filed an appeal.
- No impact on financials or operations anticipated.
- Delay in disclosure due to review and consultation.
Price Impact
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