Income Tax Authority imposes penalty of Rs. 944.20 crore on InterGlobe Aviation Limited

The Income Tax Authority has passed an order imposing a penalty of Rs. 944.20 Cr. for 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) ["CIT(A)"] against the Assessment order under Section 143(3) has been dismissed, whereas the same is still alive and pending adjudication.

The Company strongly believes that the 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. Therefore, the said order does not any have significant impact on financials, operations or other activities of the Company.

Shares of InterGlobe Aviation Limited was last trading in BSE at Rs. 5113.00 as compared to the previous close of Rs. 5129.60. The total number of shares traded during the day was 15796 in over 3524 trades.

The stock hit an intraday high of Rs. 5177.90 and intraday low of 5053.10. The net turnover during the day was Rs. 80843822.00.

Source : Equity Bulls

Keywords

InterGlobeAviation INE646L01027 INDIGO Airlines IncomeTaxAuthority Penalty