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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. The merger took effect on April 1, 2021. The penalty pertains to the income tax assessment for the Assessment Year 2020-21. According to the filing, Pursuant to the income tax assessment of th
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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.
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