Suzlon Energy informs about disclosure regarding imposition of penalty

Suzlon Energy Ltd. | Electric Equipment | Capital Goods & Industrial Consumables | BSE: 532667 | NSE: SUZLON

28 Mar 2024 Evaluate

Suzlon Energy has informed that National Faceless Assessment Centre, Income Tax Department, has issued orders for FY 2015-16 and FY 2016-17 levying penalty in respect of disallowance of claim of depreciation on goodwill, disallowance u/s.14A and disallowance u/s.36(1)(va). The details, as required, in terms of the Listing Regulations are as per enclosed Annexure. Based upon the judicial precedents, the Company believes that the penalty proceedings should have been kept in abeyance until conclusion of the quantum appeal against disallowances. Given that the quantum appeal against subject disallowances is still pending before the Tribunal on merits, the Company also believes that the said penalty orders are premature. The Company is in the process of challenging subject penalty order before appellate / judicial forums and is confident of defending the penalty orders in view of the facts and merits of the case duly supported by favourable judicial precedents.

The above information is a part of company’s filings submitted to BSE.