Legal31 Mar 2025, 08:06 pm
Deepak Fertilisers Faces Rs. 226 Crore Penalty from Income Tax Authority
AI Summary
Deepak Fertilisers & Petrochemicals Corporation Ltd. has received an order from the Assistant Commissioner of Income Tax- Central Circle 8(1), Mumbai, imposing a penalty of Rs. 2,26,32,66,768/- under sections 270A, 271AAC(1), and 271AAB of the Income Tax Act 1961 for the assessment years 2017-18 and 2018-19. The company is in the process of filing an appeal against these penalty orders, confident of getting the demands quashed in the appellate proceedings. The company believes there is no material impact on its financials, operations, or other activities.
Key Highlights
- Deepak Fertilisers & Petrochemicals Corporation Ltd. has been imposed a penalty of Rs. 226 crore by the Income Tax Authority.
- The penalty is under sections 270A, 271AAC(1), and 271AAB of the Income Tax Act 1961 for the assessment years 2017-18 and 2018-19.
- The company is in appeal before ITAT against the assessment orders.
- The company is confident of succeeding in getting these demands quashed in the appellate proceedings.
- Deepak Fertilisers believes there is no material impact on its financials, operations, or other activities.