KNR Constructions Limited has successfully had a tax penalty of ₹18,22,08,922 deleted following an appeal to the Commissioner of Income Tax Appeals. The order was received on September 17, 2026, and the penalty relates to the Assessment Year 2007-08. This outcome is expected to have a positive impact, removing a significant financial liability.
Income Tax Appeal Allowed, Penalty Deleted
KNR Constructions Limited announced today that it has received a favorable order from the Commissioner of Income Tax – Appeals, Hyderabad-12. The company’s appeal against a penalty levied by the Income Tax department has been allowed, resulting in the deletion of a substantial penalty.
Details of the Appeal and Order
The penalty that has been deleted amounted to ₹18,22,08,922 and pertained to the Assessment Year 2007-08. KNR Constructions received the order for the deletion of this penalty on September 17, 2026, at 05:12 P.M. The company had filed an appeal challenging the initial penalty order, and the appellate authority has now ruled in favor of the company.
Impact on the Company
The successful appeal and subsequent deletion of the penalty are expected to have a positive financial impact on KNR Constructions. This resolution removes a significant contingent liability, thereby strengthening the company’s financial position. The company has stated that there is no expected impact on its financial, operational, or other activities as a result of the initial penalty, and thus, no impact from its deletion either.
Source: BSE
