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NEW DELHI: Income Tax Department has imposed a penalty of Rs 103.63 crore on Tata Chemicals for violation associated to disallowance of curiosity. In a regulatory submitting on Thursday, Tata Chemicals stated it has obtained an order from National Faceless Assessment Centre, Income Tax Department, levying a penalty of Rs 103.63 crore underneath Section 270A of the Income Tax Act for disallowance of curiosity underneath part 36(1)(iii) of the Act.
Based on the deserves of the matter, prevailing regulation and the recommendation of the counsel, Tata Chemicals stated it’s planning to enchantment towards this order earlier than the National Faceless Appeal Centre (appellate authorities).
The firm stated it moderately expects beneficial orders from the appellant authorities.
Tata Chemicals is a Tata group firm.
Shares of Tata Chemicals settled 0.31 per cent greater at Rs 1,035.10 per cent on the BSE.
Based on the deserves of the matter, prevailing regulation and the recommendation of the counsel, Tata Chemicals stated it’s planning to enchantment towards this order earlier than the National Faceless Appeal Centre (appellate authorities).
The firm stated it moderately expects beneficial orders from the appellant authorities.
Tata Chemicals is a Tata group firm.
Shares of Tata Chemicals settled 0.31 per cent greater at Rs 1,035.10 per cent on the BSE.
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