The Income Tax (I-T) department has levied two separate penalties on ACC Ltd, totalling Rs 23.07 crore, which the Adani Group-owned cement company plans to contest before the appellate authorities.

The first penalty, amounting to Rs 14.22 crore, relates to Assessment Year (AY) 2015-16 and has been imposed for allegedly “furnishing of inaccurate particulars of income.” The second, Rs 8.85 crore, pertains to AY 2018-19 and concerns “under-reporting of income.”

What ACC Cement Said?

In a regulatory filing on Thursday, ACC said, “The company will be contesting both orders by filing appeals before the Commissioner of Income Tax (Appeals) within the prescribed timelines and, in parallel, will seek a stay on the penalty demands raised under the respective orders.”

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