Legal4 May 2026, 11:21 pm
Rane Steering Systems Gets Stay Order on Income Tax Penalty
AI Summary
Rane Holdings Ltd reports that its wholly-owned subsidiary, Rane Steering Systems Private Limited (RSSL), received a stay order from the Hon’ble High Court of Madras. The order sets aside the penalty levied by the Assessment Unit of the Income Tax Department for Assessment Year 2015-16 (Financial Year 2014-15) and remits the case back to the AU for fresh assessment after considering the Denovo order from Commissioner of Income Tax (Appeals). The company had previously received a penalty of ₹3.63 Crores. No financial implications are expected.
Key Highlights
- RSSL received a stay order from the Madras High Court regarding an income tax penalty.
- The High Court set aside the order from the Assessment Unit of the Income Tax Department.
- The case has been remitted back to the Assessment Unit for reassessment.
- The original penalty levied was ₹3.63 Crores for the Assessment Year 2015-16.
- No financial implications are expected on Rane Holdings Ltd.
Price Impact
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