Latest News | Income Tax Dept Imposes Rs 103.63 Cr Fine on Tata Chemicals

New Delhi, Mar 21 (PTI) Income Tax Department has imposed a penalty of Rs 103.63 crore on Tata Chemicals for violation related to disallowance of interest.

In a regulatory filing on Thursday, Tata Chemicals said it has received an order from National Faceless Assessment Centre, Income Tax Department, levying a penalty of Rs 103.63 crore under Section 270A of the Income Tax Act for disallowance of interest under section 36(1)(iii) of the Act.

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Based on the merits of the matter, prevailing law and the advice of the counsel, Tata Chemicals said it is planning to appeal against this order before the National Faceless Appeal Centre (appellate authorities).

The company said it reasonably expects favourable orders from the appellant authorities.

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Tata Chemicals is a Tata group company.

Shares of Tata Chemicals settled 0.31 per cent higher at Rs 1,035.10 per cent on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)