Income Tax Dept Imposes Rs 4.68 Crore Penalty on L&T

03 Jun 2024 CW Team

The Income Tax Department has imposed a penalty exceeding Rs 4.68 crore on Larsen & Toubro Ltd (L&T), according to a regulatory filing. The penalty, amounting to Rs 4,68,91,352, relates to the tax proceedings of the former L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary that merged with L&T on April 1, 2021.

The penalty was levied following the income tax assessment of the company and adjustments made to the returned income for the Assessment Year 2020-21. "A penalty is levied on such adjustment to the returned income," L&T stated in the filing on Saturday.

Despite the penalty, L&T announced its intention to file an appeal against the order, expressing confidence in achieving a favorable outcome at a higher forum. "The company does not agree with this levy," it asserted.

L&T, a USD 27 billion Indian multinational enterprise, is involved in engineering, procurement, and construction (EPC) projects, as well as hi-tech manufacturing and services, operating across multiple geographies.

Infrastructure Transport

10 Jul 2026

Uttar Pradesh unveils infrastructure-led growth roadmap at RAHSTA

Mumbai, 9 July 2026: Uttar Pradesh’s ambitious infrastructure-led growth strategy took centre stage on Day 2 of the 16th RAHSTA Expo, where senior government officials outlined how expressways, industrial corridors and technology-driven governance are transforming the state into one of India's most attractive investment destinations.Delivering the keynote address, Srihari Pratap Shahi, IAS, Additional Chief Executive Officer, Uttar Pradesh Expressways Industrial Development Authority (UPEIDA), highlighted the state's long-term vision of integrating world-class expressways with industrial dev..

NCW closes PRIME Offices Fund at Rs 40 billion

Nuvama and Cushman & Wakefield Management (NCW) has announced the final close of its flagship PRIME Offices Fund at approximately Rs 40 billion, exceeding its original target of Rs 30 billion following strong investor demand.The fund was launched to provide Indian investors with access to institutional-grade commercial office assets across key office markets in the country. According to NCW, the increase in the fund size was supported by strong investor participation and the availability of investment opportunities in India's office sector.The fund has already committed around 45 per cent ..

Mayfair Housing adopts Autodesk Forma for digital project planning

Mayfair Housing has entered into a three-year strategic partnership with Autodesk to deploy Autodesk Forma, an AI-enabled cloud platform, as part of its digital transformation programme aimed at improving project planning and execution across its development and redevelopment portfolio.The platform will be integrated into the company's Building Information Modelling (BIM) workflow to support architects, planners and project teams during the early stages of design and development. Autodesk Forma combines real-world data, environmental simulations and collaborative workflows to facilitate data-d..