Global Surfaces fined ₹1.74 Cr by IT Dept for AY19-20

Global Surfaces Ltd has received an order dated June 29, 2026, from the Deputy Commissioner of Income Tax, Central Circle 2(2), Kolkata. The order imposes a penalty of ₹1,73,99,169 on the company for Assessment Year 2019-20. The penalty is levied under Section 271D of the Income-tax Act, 1961, due to an alleged contravention of Section 269SS. This contravention relates to the acceptance of loans/deposits aggregating the penalty amount otherwise than through specified modes. The company received the order on June 30, 2026. Global Surfaces believes it has adequate legal and factual grounds to address the matter and does not anticipate any material adverse impact on its financials or operations. The company is reviewing the order and plans to take appropriate remedial steps, including filing an appeal before the relevant appellate forum.