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

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

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.

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.

Next Story
Infrastructure Energy

Gujarat Adopts Tariff for Solar Projects

Gujarat has taken a significant step in its renewable energy journey by adopting tariffs for solar projects, reflecting its commitment to sustainable energy sources. This move aligns with global efforts to transition towards cleaner and greener power generation. Gujarat's decision to adopt tariffs for solar projects underscores its proactive approach to harnessing solar energy's potential. This initiative is part of the state's broader strategy to promote renewable energy and reduce reliance on traditional fossil fuels. The adoption of tariffs for solar projects in Gujarat signifies a pivotal ..

Next Story
Infrastructure Transport

Bihar's Railway Goes Solar, 10 MW Projects

Bihar's railway sector is undergoing a significant transformation with the implementation of 10 MW solar projects. These projects mark a pivotal shift towards sustainable energy practices within the state's railway infrastructure. The primary objective behind these initiatives is to reduce the carbon footprint of railway operations while simultaneously enhancing operational efficiency. The adoption of solar energy in Bihar's railway network reflects a broader commitment to environmental sustainability. By harnessing solar power, the railway aims to minimize its reliance on conventional energy ..

Next Story
Infrastructure Energy

GPCL Issues Consultancy for Storage Project

In a strategic move towards bolstering its energy storage capabilities, Gujarat Power Corporation Limited (GPCL) has issued a consultancy tender for a storage project. This initiative reflects GPCL's proactive approach in adopting advanced technologies to address the evolving needs of the power sector. The consultancy tender marks a crucial step towards integrating efficient energy storage solutions, ensuring a more resilient and sustainable power infrastructure. The storage project, facilitated through the consultancy tender by GPCL, signifies a shift towards innovative solutions for storing ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram