Key Quantitative Figures & Dates
- Initial Demand Notice: The company had previously received a Demand Notice issued under section 270A (13) of the Income Tax Act, 1961 for the Financial Year 2024-25 (Assessment Year 2024-25) for a sum of ₹ 2,06,56,802. This was intimated to the stock exchanges on October 02, 2026.
- Rectification Order: The company filed an application under section 154 of the Income Tax Act, 1961. It received a rectification order dated October 16, 2026, over email on October 28, 2026.
- Revised Demand: The rectification order revised the penalty demand downward to ₹ 1,72,14,000.
- Financial Impact Reduction: The order resulted in a reduction of the penalty amount by ₹ 34,42,802 (from ₹ 2,06,56,802 to ₹ 1,72,14,000).
Parties Involved
The order was issued by the Deputy Commissioner of Income Tax, Central Circle-2(1), Mumbai.
Stated Rationale & Further Action
The company had filed an application for rectification under section 154 of the Income Tax Act, 1961, which led to the revised order. Furthermore, the company has already filed an appeal against the penalty order before the appropriate authority.
Financial or Operational Impact (as disclosed)
The company states that it believes "there is no impact on the financials, operations or other activities of the Company" due to this order and the ongoing appeal process, for which it is hopeful of a favourable outcome.