Quick Summary
In a significant development, the Income Tax Department has levied a penalty of Rs 4,68,91,352 on Larsen Toubro Ltd (LT), as revealed in a recent regulatory filing. This penalty stems from tax proceedings related to the now-merged LT Hydrocarbon Engineering Limited, a wholly-owned subsidiary of LT.
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
BEST VALUE
2 YEAR PLAN
3,499
(Excl. of GST ₹629)
1 YEAR PLAN
1,999
(Excl. of GST ₹359)
3 MONTHS PLAN
999
(Excl of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
Larsen & Toubro has been levied a penalty of Rs 4,68,91,352 by the Income Tax Department.
The penalty stems from tax proceedings related to the income tax assessment for the Assessment Year 2020-21, following an adjustment in the returned income.
Yes, the penalty pertains to tax proceedings involving L&T Hydrocarbon Engineering Limited, a former wholly-owned subsidiary that merged with L&T on April 1, 2021.
Larsen & Toubro has announced its intention to challenge the penalty and will file an appeal, as it does not agree with the levy.
L&T expects a favourable outcome at the higher forum regarding the penalty.
CAclubindia
