Shriram Finance fined ₹67.9 Cr by Income Tax Dept

Shriram Finance Limited has received an order from the Income Tax Department levying a penalty of ₹67,90,07,293/- (₹67.90 Crore) for the Assessment Year 2009-10. The penalty was imposed under Section 271(1)(c) of the Income Tax Act, 1961, due to an incorrect claim of deduction amounting to ₹199,76,67,825/- (₹199.77 Crore) which reduced the company's taxable income. The company states there is no material impact on its financial or operational activities and believes it has strong merits to succeed in appellate proceedings. Shriram Finance plans to file an appeal before the first Appellate Authority within the prescribed time limit.