Esab India Loses Tax Appeal, Faces ₹1.45 Cr Penalty

Esab India Ltd has received unfavorable orders from the Commissioner of Income Tax (Appeals) for Assessment Years 2017-18 and 2018-19. The appeals against penalties of ₹1,23,10,580/- and ₹21,86,636/- respectively, imposed by the Income Tax Assessing Officer for alleged underreporting of income, have been dismissed. The company intends to further appeal these decisions. The total confirmed penalty amounts to ₹1,44,97,216/-.