Adani's ACC Ltd Faces Major Tax Penalties Amid Acquisition Turmoil

ACC Ltd, an Adani Group firm, faces Rs 23.07 crore in tax penalties imposed by the I-T department for inaccuracies in income reporting for the assessment years 2015-16 and 2018-19. The company plans to challenge these penalties, asserting no impact on its financial activity despite the demands.

The Income Tax department has levied significant penalties totaling Rs 23.07 crore on ACC Ltd, a firm acquired by the Adani Group, citing inaccurate income particulars and under-reporting for various assessment years.

Specifically, for the Assessment Year 2015-16, a Rs 14.22 crore penalty was imposed for alleged inaccurate income details. Moreover, another penalty of Rs 8.85 crore was announced for the under-reporting of income in Assessment Year 2018-19.

In response, ACC Ltd plans to contest these penalties through appeals before the Commissioner of Income Tax (Appeals) and intends to seek a stay on the demands raised by the orders.