Sir Shadilal Enterprises Rs. 1.74 Cr IT Penalty

Sir Shadilal Enterprises received an Income Tax penalty order u/s 271(1)(c) for AY 2015-16 on March 30, 2026.
Penalty of Rs. 1,73,82,167 (~Rs. 1.74 crores) imposed at 100% of tax sought to be evaded on additions of Rs. 5.59 crores.
The underlying addition relates to alleged non-consideration of Rs. 5.50 crores in sale consideration while computing long-term capital gain on slump sale.
Company intends to contest the penalty in appeal and is hopeful of obtaining full relief by way of cancellation.