In accordance with the guidelines set by the Securities and Exchange Board of India (SEBI), there has been a recent update concerning a fine levied on SML Isuzu by the Income Tax Department.

The penalty was imposed through an order issued on February 28, 2024, under section 271(1)(c) of the Income Tax Act of 1961, for the Assessment Year 2016-17. The order claimed that the company had engaged in certain violations or breaches, resulting in a penalty of INR 11.56 lakhs against SML Isuzu.

In response, SML Isuzu has announced its plans to challenge this order. The specifics of the appeal, including the arguments to be made, have not yet been made public.

It’s important for investors and stakeholders to be aware of this situation as it may impact the company’s financial health. The company has promised to keep a close watch on the progress of the appeal and any further developments, ensuring all concerned parties are updated.

Source from: https://www.a2ztaxcorp.com/sml-isuzu-faces-an-inr-11-56-lakh-penalty-imposed-by-income-tax-department/