Munjal Showa receives 37.35 Lakhs income tax penalty notice

Munjal Showa Ltd. has received a demand notice from the Income Tax Department for a penalty of 37.35 Lakhs for the assessment year 2015-16. The penalty, levied under section 271(1)(c) of the Income-Tax Act, 1961, is for alleged furnishing of inaccurate particulars of income and disallowed excess MAT credit. The company intends to challenge the demand by filing an appeal before the Commissioner of Income Tax Appeals, citing strong merits.