SEDEMAC Mechatronics Income Tax Penalty ₹74.93 Lakh

SEDEMAC Mechatronics received an income tax penalty of INR 74,93,508 under Section 270A of the Income Tax Act, 1961.
Penalty relates to disallowance of weighted R&D deduction under Section 35(2AB) for FY 2017-18 (AY 2018-19).
Company intends to appeal the order and does not expect material financial impact on operations.