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| Exchange Received Time 16/02/2018 16:13:48 Exchange Disseminated Time 16/02/2018 16:13:56 Time Taken 00:00:08 | | This is in continuation to our earlier letter dated Jan 31,2018 wherein it was informed that the Company had received an order under section 271(1)(c) of the Income Tax Act, 1961 from the Income Tax Department levying penalty of Rs. 436.80 crores for the assessment year 2009-10. In this regard we wish to inform you that based on legal advice, the Company had filed a Writ Petition before the Hon'ble High Court of Delhi (High Court) against the above said order issued by the Income Tax Department (Tax Department).The Writ Petition was listed today,wherein the High Court has directed the Company to file an appeal before the Commissioner of Income Tax (Appeals) and to approach the Assessing Officer for stay of the penalty order dated Jan 31,2018. The High Court has also ordered the Tax Department to not take any coercive action against the Company for 15 days in case of rejection of the stay by the Assessing Officer and has allowed the Company to come back to the High Court if need arises. |
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