Suzlon Energy has announced that the ₹1.02 Crore penalty imposed by the Deputy Commissioner of Income Tax has been entirely dropped. The penalty stemmed from the disallowance related to the late payment of employees’ contributions to the Provident Fund/ESI for the FY 2016-17. This favorable outcome results from fresh proceedings initiated by the tax authorities. The company is sharing this information with its stakeholders for public awareness.
Resolution of Past Tax Issue
Suzlon Energy Limited has provided an update concerning a significant financial liability communicated earlier. This communication follows the initial disclosure dated 4th January 2025 regarding a penalty amounting to Rs.1.02 Crores.
This penalty had been levied by the Deputy Commissioner of Income Tax in Ahmedabad. The basis for the levy was the disallowance made due to the late payment of the employees’ contribution towards the Provident Fund and ESI during the Financial Year 2016-17.
Penalty Dropped in Full
Suzlon confirms that subsequent to the fresh proceedings initiated by the tax authorities, the aforesaid penalty has been dropped in full. This reversal resolves the financial impact associated with this specific tax assessment.
This information is being furnished for the information of the stock exchanges, its members, and the public at large, as required under applicable regulations.
Source: BSE
