The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro
The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro Ltd, according to a regulatory filing.
The department levied a penalty of Rs 4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary, which was merged with the company on April 1, 2021, L&T said in the filing on Saturday.
“Pursuant to the income tax assessment of the company and consequent adjustment in the returned income for the Assessment Year 2020-21, a penalty is levied on such adjustment to the returned income,” it said.
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However, the conglomerate said it will file an appeal against this order as it “does not agree with this levy” and expects a favourable outcome at the higher forum.
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L&T is a USD 27 billion Indian multinational enterprise engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services, operating across multiple geographies.
