IMFA Faces ₹38.98 Lacs Tax Penalty Order
Indian Metals & Ferro Alloys Ltd (IMFA) has received an order from the Income Tax Department's Assessment Unit, levying a penalty of ₹38.98 Lacs under Section 270A of the Income-tax Act, 1961. This penalty is related to a higher capital gain tax computed on the sale of an immovable property for FY 2022-23. The company is currently contemplating an appeal against this order before the appropriate appellate authority. IMFA states that there will be no material impact on its financial, operational, or other activities due to this order.
Key Highlights
- IMFA received a penalty order of ₹38.98 Lacs from the Income Tax Department.
- The penalty is for FY 2022-23 concerning a property sale's capital gains tax.
- The company plans to appeal the order before the appropriate authority.
- No material financial or operational impact is expected from the order.
Price Impact
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