The penalties are imposed for the period between April 2016 to March 2017 and April 2017 to March 2018 respectively under article 14 of income tax law number 24 for the year 2018.
The penalties are under tax assessment and consequent adjustment in the tax return submitted.
“An appeal has been filed against the levy of this penalty as the Company believes it is arbitrary and unjustified. The disclosure is based on information received by the Company Secretary and Compliance Officer on November 16, 2023,” the company said in an exchange filing.
L&T stated that there is no impact on its operations, “Based on the Company’s assessment and prevailing law, the Company is reasonably confident of a favourable outcome at the appellate level. Hence, no material adverse impact is envisaged on the financial, operation or other activities of the Company,” mentions the statement.
Larsen & Toubro posted a 45 per cent rise in consolidated net profit and a 19 per cent rise in revenue in the second quarter of FY24.