Tax & Penalty30 Sept 2026, 04:19 pm
KNR Constructions Receives ₹89.1 Cr in Income Tax Penalty Orders
AI Summary
KNR Constructions Ltd has received penalty orders from the Assistant Commissioner of Income Tax, Central Circle 2(2) - Hyderabad, totaling ₹89,12,57,681. These penalties are levied under Section 270A of the Income Tax Act, 1961, for search-related assessment years. The specific amounts are ₹2,79,87,171 for AY 2017-18, ₹16,64,95,790 for AY 2018-19, ₹56,40,46,040 for AY 2019-20, and ₹15,99,23,720 for AY 2020-21. The company received these orders on September 29 and 30, 2026. KNR Constructions believes these penalty demands are not maintainable in law and plans to file an appeal within the stipulated timeline. The company will provide updates on the proceedings.
Key Highlights
- Received penalty orders totaling ₹89.1 Cr from Income Tax Department.
- Penalties relate to search assessment years 2017-18 to 2020-21.
- Company considers penalties not maintainable and plans to appeal.
- Financial and operational impact to be assessed post-appeal outcome.
Price Impact
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