Key Quantitative Figures

  • Penalty amount: ₹1,73,99,169 (Rupees One Crore Seventy-Three Lakh Ninety-Nine Thousand One Hundred Sixty-Nine only)
  • Amount of loans/deposits in question: ₹1,73,99,169

Parties Involved

  • Issuing authority: Deputy Commissioner of Income Tax, Central Circle 2(2), Kolkata
  • Approving authority: Addl. Commissioner of Income Tax, Range – 2(Central), Kolkata
  • Listed company: Global Surfaces Limited

Reason for Penalty

The Order states that on scrutiny of assessment records, including the Tax Audit Report in Form 3CD, it was found that the Company had accepted loans/deposits aggregating ₹1,73,99,169 otherwise than through a mode specified in Section 269SS of the Income-tax Act, 1961, attracting penalty under Section 271D.

Financial Impact

As per the Order, the penalty imposed on the Company is ₹1,73,99,169. The Company believes it has adequate legal and factual grounds to address the matter and does not expect any material adverse impact on its financials, operations or other activities.

Company's Response

The Company is reviewing the order and will be taking appropriate remedial steps in accordance with the applicable provisions of the Income-tax Act, 1961, including filing an appeal before the appropriate appellate forum.

Additional Information

Place of signing: Jaipur