IndiGo gets ₹944 cr penalty order from Income Tax Dept
InterGlobe Aviation Ltd (IndiGo) has been imposed with a penalty of ₹944.20 crore by the Income Tax Department under section 270A of the Income Tax Act, 1961.
The order, according to stock exchange disclosure, pertains to the assessment year 2021-22.
“The order has been passed on the basis of an erroneous understanding that appeal filed by the company before the Commissioner of Income Tax (Appeals) against the assessment order under Section 143(3) has been dismissed, whereas the same is still alive and pending adjudication,” the regulatory filing read.
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IndiGo believes the said “order passed by Income Tax Authority is not in accordance with law and is erroneous and frivolous.” Accordingly, the company will contest the same and shall take appropriate legal remedies against the aforesaid order, it added.
The stock closed flat at ₹5113 on the BSE on Friday. Trading operations will resume only on Tuesday, April 1, 2025. The market will be closed on Monday, March 31, on account of Id-Ul-Fitr (Ramadan Eid). Check out the top gainers and losers here
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