Key Quantitative Figures
- Penalty amount nullified: ₹11.56 lakhs
- Assessment Year: 2016-17
Dates of Action
- Original penalty order date: 28 February 2024 (previously disclosed on 29 February 2024 via letter no. SML/SEC/2023-24-113)
- Appeal order receipt date: 31 July 2026 at 03:55 AM through email
- Current disclosure date: 31 July 2026
Parties Involved
- Authority: Commissioner of Income-Tax (Appeals), Income Tax Department
- Listed Entity: SML Mahindra Limited (Scrip Code: 505192, Symbol: SMLMAH)
- Disclosure signed by: Parvesh Madan, Company Secretary & Compliance Officer (ACS-31266)
Details of Violation/Contravention
An order dated 28 February 2024 issued by Income Tax Department (Assessment Unit) for Assessment Year 2016-17 had imposed a penalty of ₹11.56 lakhs on the company under section 271(1)(c) of the Income Tax Act.
Outcome and Financial Impact
The Commissioner of Income-Tax (Appeals) has allowed the company's appeal and consequently nullified the penalty demand of ₹11.56 lakhs vide order issued under Section 250 of the Income Tax Act, 1961. The financial impact is the reversal of the previously imposed penalty liability.
Document Context
This disclosure serves as an update to the previous communication made to stock exchanges on 29 February 2024 regarding the original penalty order. The company has successfully appealed the penalty, resulting in its complete nullification.