Indian Hume Pipe Faces ₹63 Lakh Penalty Confirmation

Indian Hume Pipe Company Ltd has disclosed the confirmation of a penalty amounting to ₹63,10,816/- by the Commissioner of Income Tax (Appeals). This penalty, imposed under Section 271AAC(1) of the Income Tax Act, 1961, relates to alleged unexplained purchases of ₹10,51,80,264/- for Assessment Year 2023-2024. The company is contesting this, having filed an appeal before the Hon. Income Tax Appellate Tribunal (ITAT), Mumbai, challenging the original disallowance. The company expects the entire demand to subside and anticipates no material financial or operational impact.