Shriram Properties faces Rs 4.46 billion penalty

Shriram Properties reported that it had received a penalty order under section 270A totalling Rs 4.46 billion from the deputy commissioner of Income Tax, Central Circle 1 (4), Chennai. According to the regulatory filing, the company stated that the penalty order under section 270A for the financial year 2017-18 regarding income tax proceedings under section 153C concerning the sale of shares in Shriram Properties and Infrastructure, a subsidiary of the company, had been issued by the deputy commissioner of Income Tax, Central Circle 1 (4) Chennai. The company further explained that this penalty order pertained to a matter already under consideration by the Madras High Court, which had previously issued an order directing the department to maintain the 'status quo'.