The Income Tax (I-T) Department has levied a cumulative penalty of ₹23.07 crore on ACC Ltd, a subsidiary of the Adani Group, for alleged discrepancies in income reporting during the assessment years 2015–16 and 2018–19. The company intends to challenge these penalties before the Commissioner of Income Tax (Appeals) and seek a stay on the demands. ACC Ltd asserts that these penalties will not impact its financial activities.
Background of the Penalties
The Income Tax Department imposed two separate penalties on ACC Ltd:
