Parag Milk Foods Limited received Orders from the Central Range 2, Pune of the Income Tax Department levying penalty under section 271E and 271DA of the Income Tax Act, 1961. A) DIN and Order No.; ITBA/PNL/F/271E/2024- 25/1073001515(1), Nature and details of the action(s) taken, or order(s) passed; Penalty of INR 34.3 million imposed vide Order for Assessment Year (AY) 2016-17. Date of receipt is February 19, 2025.
Details of the violation(s); The Company has received a penalty order of INR 34.3 million under section 271E of the Income Tax Act, 1961 for the Assessment Year 2016-17 for violation of section 269T of the Income Tax Act, 1961. B) DIN and Order No.; ITBA/PNL/F/271DA/20 24-25/1073502584(1), Nature and details of the action(s) taken, or order(s) passed; Penalty of INR 10.6 million imposed vide Order for AY 2019-20. Date of receipt; February 20, 2025.
Details of the violation(s); The Company has received a penalty order of INR 10.6 million under section 271DA of the Income Tax Act, 1961 for the Assessment Year 2019-20 for violation of section 269ST of the Income Tax Act, 1961. C) DIN and Order No. ITBA/PNL/F/271E/2024- 25/1073068296(1).
Nature and details; Penalty of INR 4.1 million imposed vide Order for AY 2019-20. Date of receipt; February 19, 2025. Details of the violation(s); The Company has received a penalty order of INR 4.1 million under section 271E of the Income Tax Act, 1961 for the Assessment Year 2019-20 for violation of section 269T of the Income Tax Act, 1961.
D) DIN and Order No; ITBA/PNL/F/271DA/20 2 4-25/1071589540(1). Nature and details; Penalty of INR 46.5 million imposed vide Order for AY 2020-21. Date of receipt; February 19, 2025.
Details of the violation(s); The Company has received a penalty order of INR 46.5 million under section 271DA of the Income Tax Act, 1961 for the Assessment Year 2020-21 for violation of section 269ST of the Income Tax Act, 1961. E) DIN and Order No; ITBA/PNL/F/271DA/202 4-25/1071589819(1). Nature and details; Penalty of INR 0.2 million imposed vide Order AY 2022-23.
Date of receipt; February 19, 2025. Details of the violation(s); The Company has received a penalty order of INR 0.2 million under section 271DA of the Income Tax Act, 1961 for the Assessment Year 2022-23 for violation of section 269ST of the Income Tax Act, 1961. The financial impact of all these Orders is to the extent of the penalty levied.
The Company would pursue an appeal against these penalty orders. These penalties are not admissible by the Company pending the disposal of appeal matter. The Company has requested to keep the penalty proceedings under abeyance till the disposal of appeal.
There is no impact on operations or other activities of the Company due to these Orders.
