Bhansali Engineering Polymers faces ₹79.66 Lakhs penalty

Bhansali Engineering Polymers Ltd has disclosed an order passed by the National Faceless Assessment Centre (NFAC), Income Tax Department. The order imposes a penalty of ₹79.66 lakhs under Section 270A of the Income Tax Act, 1961, for AY 2018-19. This penalty is related to deductions claimed for Research & Development expenses and Other Expenditure. The company states that the order does not have a material impact on its financial position, operations, or other activities. Bhansali Engineering Polymers is evaluating the merits of the case and intends to file an appeal before the Hon'ble CIT Appeals, NFAC within the prescribed timelines.