PTC India Receives Income Tax Penalty Notices Totaling ₹53.9 Lakhs

PTC India Limited has disclosed receipt of demand notices from the Income Tax Department for penalties under Section 271(1)(c) of the Income Tax Act, 1961. The notices pertain to Assessment Years 2011-12, 2012-13, 2014-15, and 2015-16, with total penalty amounts aggregating to ₹53,94,597. These penalties are based on additions made by the Income Tax Department under Rule 8D, which were subsequently reduced. The company states there is no material impact on its financials or operations and intends to contest these orders by filing appeals.