Black Buck Ltd: Income Tax Penalty Proceedings Dropped, Penalty NIL

Black Buck Ltd announced that the Income Tax Department has dropped penalty proceedings initiated under Section 270A of the Income-tax Act, 1961 for AY 2018-19. This follows the deletion of the underlying addition related to ESOP expenditure of ₹10,30,00,000/- by the CIT(A)/NFAC. Consequently, the penalty has been determined at NIL. The company stated that this order is favorable and has no adverse financial impact. The details were provided in compliance with SEBI (LODR) Regulations, 2015.