Legal18 Mar 2026, 11:54 am
Omnipotent Industries Faces Rs. 10+ Crore Penalty Over Irregular Input Tax Credit
AI Summary
Omnipotent Industries Ltd. has disclosed a significant financial dispute in a regulatory filing. The company is facing a penalty of approximately Rs. 10,22,57,746 for availing and utilizing irregular input tax credit without underlying receipt of goods and services. The dispute is being handled by the Office of the Commissioner of CGST & Central Excise, Thane. The penalty also extends to the former Managing Director, Mr. Prince Pratap Shah, who faces a penalty of the same amount, and an additional penalty of Rs. 25,000. The total financial implications, including interest and penalties, amount to a significant sum.
Key Highlights
- Omnipotent Industries facing a penalty of approximately Rs. 10,22,57,746 for irregular input tax credit
- The dispute is being handled by the Office of the Commissioner of CGST & Central Excise, Thane
- Penalty also imposed on former Managing Director, Mr. Prince Pratap Shah
- Total financial implications, including interest and penalties, amount to a significant sum
- Company has disclosed the information in accordance with SEBI regulations