Chambal Fertilisers Faces ₹96.86 Lakh Penalty Appeal

Chambal Fertilisers & Chemicals Ltd has received an Order-in-Appeal from the Commissioner of Income-tax (Appeals) upholding a penalty of ₹96,86,205/- under Section 271(1)(c) of the Income Tax Act, 1961. This penalty relates to the disallowance of provision for loss on investments and expenses incurred on an anicut construction. The company states there is no impact on its financial or operational activities beyond the penalty amount. Chambal Fertilisers intends to challenge this order before the appropriate authority, believing it has a strong case on merits.