Max Healthcare Fined ₹11.3 Lakhs by Income Tax Dept

Max Healthcare Institute Ltd has received an order from the Assessment Unit of the Income Tax Department imposing a penalty of ₹11,33,130. The penalty is related to transactions with employees and vendors that were adjusted through journal entries against past debit/credit entries, which the IT Department classified as loans or deposits. The company states that other than the penalty amount, there is no impact on its financial or operational activities. Max Healthcare is in the process of filing an appeal against this order.