The Deputy Commissioner of Income Tax, Central Circle 1 (4) Chennai, has issued Shriram Properties a penalty order under section 270A amounting to Rs 446.79 crore, the company mentioned in a BSE filing.
The penalty order under section 270A was issued for FY 2017-18 in respect of income tax proceedings under section 153C for matters related to sale of shares in one of the subsidiary (Shriram Properties and Infrastructure Private Limited), the company mentioned.
This penalty order is pertaining to a matter which is already pending before the Madras High Court for which the High Court has already passed an order directing the department to maintain the ‘status quo’.
In this order, only the penalty amount is quantified for which company is in the process of challenging before relevant judicial forums and is confident of defending the penalty order in view of the facts and merits of the case duly supported by favourable judicial precedents, mentioned Shriram Properties in the regulatory filing.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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