Legal12 Mar 2026, 03:00 pm
Rane Holdings Ltd Subsidiary Faces Penalty from Income Tax Department
AI Summary
Rane Holdings Ltd has announced that its wholly owned subsidiary, Rane Steering Systems Private Limited (RSSL), has received an order from the Income Tax Department National Faceless Assessment Centre imposing a penalty. This penalty is in relation to the addition made in the reassessment proceedings under Section 147 of the Income Tax Act, 1961 for the Assessment Year 2015-16 (Financial Year 2014-15). The penalty amount is Rs. 3.63 Crores and the tax demand is Rs. 6.74 Crores. RSSL is planning to contest this penalty and will file an appeal with the Commissioner of Income Tax (Appeals) within the prescribed time limits.
Key Highlights
- Rane Holdings Ltd's subsidiary, Rane Steering Systems Private Limited (RSSL), has received a penalty order from the Income Tax Department National Faceless Assessment Centre.
- The penalty is in relation to the addition made in the reassessment proceedings under Section 147 of the Income Tax Act, 1961 for the Assessment Year 2015-16 (Financial Year 2014-15).
- The penalty amount is Rs. 3.63 Crores and the tax demand is Rs. 6.74 Crores.
- RSSL is planning to contest this penalty and will file an appeal with the Commissioner of Income Tax (Appeals) within the prescribed time limits.
- The Income Tax Appellate Tribunal had remanded the appeal back to the Commissioner of Income Tax (Appeals) to consider the merits of the case and adjudicate the matter, but the penalty order has been passed without considering this.