Income Tax dept imposes Rs 103.63 cr fine on Tata Chemicals

New Delhi: Income Tax Department has imposed a penalty of Rs 103.63 crore on Tata Chemicals for violation related to disallowance of interest.

In a regulatory filing on Thursday, Tata Chemicals said it has received an order from National Faceless Assessment Centre, Income Tax Department, levying a penalty of Rs 103.63 crore under Section 270A of the Income Tax Act for disallowance of interest under section 36(1)(iii) of the Act.

Based on the merits of the matter, prevailing law and the advice of the counsel, Tata Chemicals said it is planning to appeal against this order before the National Faceless Appeal Centre (appellate authorities).

The company said it reasonably expects favourable orders from the appellant authorities.

Tata Chemicals is a Tata group company.

Shares of Tata Chemicals settled 0.31 per cent higher at Rs 1,035.10 per cent on the BSE.