Suzlon Energy Ltd. Settles Rs.172.76 Crores Penalty Order in Favour

Suzlon Energy Ltd. has announced the settlement of a penalty order amounting to Rs.172.76 Crores. The order was initially imposed by the National Faceless Penalty Centre, Income Tax Department, under section 270A of the Income-tax Act, 1961, for certain disallowances including the claim of depreciation on goodwill for the financial year 2016-17. The company appealed to the Income Tax Appellate Tribunal ('ITAT'), which decided the quantum appeal in favour of Suzlon Energy Ltd. Following this, the Jurisdictional Assessing Officer ('JAO') passed an effect giving order on 29th December 2024, cancelling the penalty order. This development signifies a positive outcome for Suzlon Energy Ltd., and the information is being shared for the benefit of the company's members and the public at large.