PTC India Limited has disclosed receipt of demand notices for penalties totaling ₹57,95,407 from the Income Tax Department. These penalties pertain to Assessment Years 2011-12, 2012-13, 2014-15, and 2015-16. The company stated that while additions were made by the department for these years, favorable orders were obtained in March 2026, reducing the disallowance. PTC India plans to contest these orders through formal appeals.
Income Tax Demand Notices Issued
PTC India Limited has announced the receipt of several demand notices from the Income Tax Department, issued under Section 156 of the Income Tax Act, 1961. These notices relate to penalties under section 271(1)(c) of the Income Tax Act, 1961, for specific Assessment Years. The total penalty amount detailed in these notices is ₹57,95,407, distributed across the years: ₹9,61,446 for AY 2011-12, ₹5,91,960 for AY 2012-13, ₹19,57,554 for AY 2014-15, and ₹27,83,637 for AY 2015-16.
Background and Company’s Stance
The company indicated that the Income Tax department had previously made additions of ₹22,96,99,152 under Rule 8D for AY 2011-12, AY 2021-13, AY 2024-15, and AY 2015-16. However, PTC India obtained favorable orders in March 2026, which reduced the disallowance to ₹62,22,564. The penalty orders received are based on this reduced disallowance amount. PTC India has confirmed that these orders are currently appealable and that the company intends to contest them by filing formal appeals before the Commissioner of Income Tax (Appeals).
Financial Impact
PTC India has clarified that there is no material impact on the company’s financials, operations, or other activities due to these penalty orders. The company will be pursuing its legal recourse to challenge the assessment.
Source: BSE
