Kalpataru Projects fined ₹15.52 Lakhs by Goa Tax Officer

Kalpataru Projects International Ltd (KPIL) has received a notice from the Goa State Tax Officer demanding ₹15.52 lakhs in tax, interest, and penalty. The demand pertains to the assessment year 2016-17 for erstwhile JMC Projects (India) Limited, alleging wrong availment of Entry Tax Input Credit on Capital Assets. KPIL states the notice was issued without considering documentary evidence submitted by the company and believes it has a strong case to defend. The company plans to appeal the notice within the prescribed timelines. KPIL has assessed the financial impact of the penalty as not significant.