NEW DELHI: Shriram Properties has received penalty order u/s 270A amounting to Rs 446.79 crore from the deputy commissioner of Income Tax, Central Circle 1 (4), Chennai, the company informed in a BSE filing.
“The deputy commissioner of Income Tax, Central Circle 1 (4) Chennai, has issued penalty order u/s 270A for FY 2017-18 in respect of income tax proceedings u/s 153C for matters related to sale of shares in Shriram Properties and Infrastructure, a subsidiary of the company,” it said in the regulatory filing.
This penalty order is pertaining to a matter which is already pending before the Madras High Court for which the HC has already passed an order directing the department to maintain the ‘status quo’.
In this order, only the penalty amount is quantified for which company is in the process of challenging before relevant judicial forums and is confident of defending the penalty order in view of the facts and merits of the case duly supported by favorable judicial precedents.
