Max Healthcare Fined ₹32.8 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 ₹32,81,528. The penalty was levied for transactions related to the company's receivables, such as employee security deposits or vendor adjustments, which were settled through journal entries. The Income Tax Department viewed these as acceptance or repayment of loans through non-prescribed modes. The company stated that other than the penalty amount, there is no other impact on its financial or operational activities. Management is in the process of filing an appeal against the order.