KNR Constructions Appeals Order for ₹18.58 Cr Penalty Deletion

KNR Constructions Ltd has received an order from the Commissioner of Income Tax – Appeals, Hyderabad-12, regarding the deletion of a penalty under Section 271AAD for the Assessment Year 2021-22. The penalty amount was ₹18,58,39,829 (approximately ₹18.58 Crore). The company's appeals have been allowed, and the penalty order has been deleted. KNR Constructions is now awaiting a consequential order from the Assessing Officer (AO). The company has stated that this development has no quantifiable impact on its financial, operational, or other activities.