LG Electronics India Fined ₹8.23 Cr by Income Tax Dept

LG Electronics India Ltd has received a penalty order dated June 19, 2026, from the Income Tax Department, levying a penalty of ₹8,23,53,445 under section 271(1)(c) of the Income Tax Act, 1961. This penalty is related to tax adjustments for the financial year 2013-14 concerning the taxability of incentives received from the Uttar Pradesh Government. The company had previously received an order from the Income Tax Appellate Tribunal (ITAT) on October 15, 2025, confirming these tax adjustments. LG Electronics India Limited believes it has a strong case and intends to file an appeal against the penalty order, citing favorable decisions in similar past cases. The company states there will be no substantial impact on its financial operations.