Reliance Power faces ₹2.44 Cr penalty from Income Tax Dept

Reliance Power Ltd has disclosed a penalty of ₹2,44,93,394 levied by the Income Tax Department under Section 271(1)(c) of the Income-tax Act, 1961, for the Assessment Year 2016-17. The penalty stems from disallowance under Section 14A read with Rule 8D and a transfer pricing adjustment. The company states this penalty has no impact on its financial or operational activities, other than the payment itself. Reliance Power plans to appeal the order, expecting a favourable outcome based on legal advice and the merits of the case.