+
Shriram Properties faces Rs 4.46 billion penalty
Real Estate

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'.

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'.

Next Story
Infrastructure Urban

ITCONS Gains on New Rs 3.5 Million Defence Contract

ITCONS E-Solutions is trading at Rs 549.00, up by Rs 12.10 or 2.25 per cent from its previous close of Rs 536.90 on the BSE. The scrip opened at Rs 549.00 and has touched an intraday high and low of Rs 549.00, with 200 shares traded so far.A BSE ‘MT’ group stock with a face value of Rs 10, ITCONS touched its 52-week high of Rs 767.00 on 25 September 2024 and a 52-week low of Rs 166.70 on 5 August 2024. Over the past week, the stock has fluctuated between Rs 560.00 and Rs 510.60. The company's current market capitalisation stands at Rs 3.3 billion.Promoters hold 58.22 per cent of the compan..

Next Story
Infrastructure Urban

Delhi Extends EV Policy Till March 2026

The Delhi government has extended its existing Electric Vehicle (EV) Policy until 31 March 2026, or until a revised version is approved. The decision was made during a Cabinet meeting chaired by Chief Minister Rekha Gupta on Tuesday.According to Transport Minister Pankaj Kumar Singh, the draft of the new policy will undergo broader public consultation before being finalised, prompting the extension to allow time for thorough stakeholder engagement.The consultation process will include inputs from citizens, environmental groups, academic institutions, industry experts, and private firms. Key fo..

Next Story
Infrastructure Urban

Ather Crosses 400 Fast Chargers in Maharashtra

Electric two-wheeler manufacturer Ather Energy announced on Thursday that it has surpassed 400 fast charging points under its Ather Grid network across Maharashtra.The company's fast charging infrastructure now spans 35 cities in the state, including key urban centres such as Mumbai, Nashik, Pune, and Nagpur."Crossing 400 fast chargers in the state is about giving riders the assurance that they'll always find a charger when they need one. As we expand our retail presence, the charging network will continue to grow in tandem to make EV ownership truly seamless," said Ravneet Singh Phokela, Chie..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?