SML Mahindra Ltd: Income Tax Appeal Allowed, ₹11.56 Lakhs Penalty Nullified

SML Mahindra Limited has received a favorable order from the National Faceless Appeal Centre (NFAC) of the Income Tax Department, Delhi. The appeal filed by the company for Assessment Year (AY) 2016-17 has been allowed, resulting in the nullification of a penalty demand of ₹11.56 lakhs. This penalty was initially imposed under Section 271(1)(c) of the Income Tax Act, 1961, by the Income Tax Department's Assessment Unit and was communicated to the stock exchanges on February 29, 2024. The order was received via email on July 31, 2026. This development is positive for the company's financial standing.