Infrastructure giant Larsen and Toubro (L&T) Ltd on Friday disclosed that the General Tax Authority in Qatar has imposed a penalty of ₹111.31 crore for the tax period from April 1, 2016, to March 31, 2017, and an additional ₹127.64 crore for the period from April 1, 2017, to March 31, 2018.
The penalties were levied under article (14) of income tax law number (24) for the year 2018 (Qatar).
L&T promptly responded by filing an appeal against what it deems an arbitrary and unjustified penalty. The company insists that the penalties were a result of tax assessments and subsequent adjustments in the tax returns for the mentioned periods.
The notification regarding this development was received by the company secretary & compliance officer on November 16, 2023.
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Expressing confidence in a favourable outcome, L&T maintains that the penalties are unjustified and arbitrary. The company remains reasonably optimistic about the appeal process and asserts that no material adverse impact on financial, operational, or other activities is envisaged.
Shares of Larsen and Toubro Ltd ended at ₹3,109.95, up by ₹60.60, or 1.99%, on the BSE.
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