The Income Tax Appellate Tribunal (ITAT) has decided the appeal in favour of the Suzlon Energy Limited in the matter of penalty of ₹ 172.76 Crores, according to the Suzlon’s exchange filing.
The penalty was imposed for disallowance u/s.14A of ₹ 16.29 Crores, disallowance of depreciation on Goodwill u/s.32(1) of ₹ 231.83 Crores, addition on account of late payment of PF / ESI u/s.36(1)(va) of ₹ 1.47 Crores.
Suzlon Energy received order from the office of National Faceless Assessment Centre, Income Tax Department, for FY 2015-16 and FY 2016-17.
The orders were received on March 27, 2024.
Last week, The Office of Joint Director, Enforcement Directorate, Hyderabad, Zonal Office has imposed a penalty of ₹ 20 lacs for delay Delay in realisation of export proceeds for certain shipments made till FY 2017 by Suzlon Wind International Limited.
The disclosure was made to the exchange under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
