Sir Shadi Lal Enterprises Ltd. Faces Penalty for Income Tax Assessment Year 2015-16
Sir Shadi Lal Enterprises Ltd. has disclosed receiving a penalty order from the Assessment Unit, Income Tax Department, related to the Assessment Year 2015-16. The company faces a penalty of Rs. 1,73,82,167 under Section 271(1)(c) of the Income Tax Act, 1961, for alleged inaccurate particulars of income.The penalty arises from an assessment order dated December 30, 2017, where the company declared a loss of Rs. 44,00,50,224. A subsequent assessment determined an income of Rs. 16,81,14,632, including an addition of Rs. 27,09,95,865 and Rs. 9,39,727. The company contested the assessment, and while some additions were later revised by the Income Tax Appellate Tribunal (ITAT) on July 16, 2025, the penalty remains in place.
The company intends to contest the penalty and is hopeful of obtaining full relief by way of cancellation of the penalty imposed. The tax demand raised is Rs. 1.74 crores. The company has previously requested the department to keep the proceedings in abeyance pending the outcome of appeals, but these requests were not granted.
Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.