Income Tax Authority imposes penalty of Rs. 944.20 crore on InterGlobe Aviation

The order has been passed on the basis of an erroneous understanding

The Income Tax Authority has passed an order imposing a penalty of Rs. 944.20 crore for the Assessment Year 2021-22. The order has been passed on the basis of an erroneous understanding that appeal filed by the company before the Commissioner of Income Tax (Appeals) against the Assessment order under Section 143(3) has been dismissed, whereas the same is still alive and pending adjudication.

The company strongly believes that the order passed by Income Tax Authority is not in accordance with law and is erroneous and frivolous. Accordingly, the company will contest the same and shall take appropriate legal remedies against the aforesaid order. Therefore, the said order does not any have significant impact on financials, operations or other activities of the Company.