L&T Fined: Income Tax Department Imposes Penalty Of ₹4.68 Crore

The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro Ltd, according to a regulatory filing.

Larsen and Toubro Fined

The department levied a penalty of Rs 4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary, which was merged with the company on April 1, 2021, L&T said in the filing on Saturday.'

'Will File An Appeal'

"Pursuant to the income tax assessment of the company and consequent adjustment in the returned income for the Assessment Year 2020-21, a penalty is levied on such adjustment to the returned income," it said.

However, the conglomerate said it will file an appeal against this order as it "does not agree with this levy" and expects a favourable outcome at the higher forum.

L&T is a USD 27 billion Indian multinational enterprise engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services, operating across multiple geographies. 

The company has been responsible for the construction major and popular projects around the country. The company was responsible for the construction of the Ram Temple in Ayodhya as well.