Income Tax Penalty on L&T: Rs 4.68 cr
Jun 02, 2024 13:46
The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro Ltd, related to tax proceedings of its former subsidiary L&T Hydrocarbon Engineering Limited. L&T plans to appeal the penalty.
New Delhi, Jun 2 (PTI) The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro Ltd, according to a regulatory filing.
The department levied a penalty of Rs 4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary, which was merged with the company on April 1, 2021, L&T said in the filing on Saturday.
"Pursuant to the income tax assessment of the company and consequent adjustment in the returned income for the Assessment Year 2020-21, a penalty is levied on such adjustment to the returned income," it said.
However, the conglomerate said it will file an appeal against this order as it "does not agree with this levy" and expects a favourable outcome at the higher forum.
L&T is a USD 27 billion Indian multinational enterprise engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services, operating across multiple geographies.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.