Onward Technologies fined ₹10.6 Lakh by Income Tax Dept

Onward Technologies Ltd has received an order from the Income Tax Department dated July 28, 2026, imposing a penalty of ₹10,59,664 under Section 270A of the Income-tax Act, 1961. The penalty is related to the disallowance of expenses and taxation relief claims for FY 2019-20, attributed to retrospective changes and interpretation of tax laws, leading to a re-assessment of declared income. The company has the recourse to file an appeal against this order. While the penalty will have a financial impact, there is no material impact on the company's operations.