Parag Milk Foods Limited received an Order from the Central Range 2, Pune of the Income Tax Department levying penalty under section 271D of the Income Tax Act, 1961. The authority involved is the Central Range 2, Pune of the Income Tax Department. A penalty of INR 32.6 million has been imposed via an order for the Assessment Year 2016-17.
The date of receipt of the direction or order, including any ad-interim or interim orders, or any other communication from the authority, is February 28, 2025. The details of the violation(s) or contravention(s) committed or alleged to be committed indicate that the Company has received a penalty order of INR 32.6 million under section 271D of the Income Tax Act, 1961, for the violation of section 269SS of the Income Tax Act, 1961. The impact on financial, operational, or other activities of the listed entity, quantifiable in monetary terms, is to the extent of the penalty levied.
The Company intends to pursue an appeal against the penalty order. It is noted that the penalty is not admissible by the Company pending the disposal of the appeal matter. Furthermore, the Company has requested to keep the penalty proceedings under abeyance until the disposal of the appeal.
There is no impact on the operations or other activities of the Company due to the Order.
