Adani's ACC Ltd Faces Major Tax Penalties Amid Acquisition Turmoil
ACC Ltd, an Adani Group firm, faces Rs 23.07 crore in tax penalties imposed by the I-T department for inaccuracies in income reporting for the assessment years 2015-16 and 2018-19. The company plans to challenge these penalties, asserting no impact on its financial activity despite the demands.
- Country:
- India
The Income Tax department has levied significant penalties totaling Rs 23.07 crore on ACC Ltd, a firm acquired by the Adani Group, citing inaccurate income particulars and under-reporting for various assessment years.
Specifically, for the Assessment Year 2015-16, a Rs 14.22 crore penalty was imposed for alleged inaccurate income details. Moreover, another penalty of Rs 8.85 crore was announced for the under-reporting of income in Assessment Year 2018-19.
In response, ACC Ltd plans to contest these penalties through appeals before the Commissioner of Income Tax (Appeals) and intends to seek a stay on the demands raised by the orders.
(With inputs from agencies.)
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