Details of Penalty Order
- Authority: Income Tax Department, Faceless Penalty Unit
- Order Date: September 18, 2026
- Receipt Date: September 19, 2026 (received via email)
- Legal Basis: Section 270A of Income-tax Act, 1961
- Assessment Year: 2024-25
- Penalty Amount: ₹15,17,876
Background and Violation Details
The penalty relates to an amount of ₹90,93,440 treated as under-reported income for Assessment Year 2024-25, which had the effect of reducing the loss claimed by the company. This is in continuation of the company's earlier disclosure dated March 11, 2026 regarding the Assessment Order for the same assessment year.
The Penalty Order states that since the company had not filed an appeal in Form No. 35 against the assessment order, the assessment order was treated as having attained finality.
Company's Response and Legal Status
- The company filed an application under Section 264 of Income-tax Act, 1961 before the Commissioner of Income Tax on July 16, 2026, seeking revision of the assessment order, which is pending for consideration.
- The company will file an appeal before the Commissioner of Income Tax (Appeals) against the Penalty Order, being the statutory appellate remedy available.
Financial Impact
- Quantifiable monetary impact: ₹15,17,876
- The company states there is no material impact on financial operations or other activities
- The appeal will be filed within the prescribed time limit