The Tinplate Company of India Ltd (TCIL), a subsidiary of Tata Steel Ltd, on Thursday (October 5) said the Office of the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, has imposed a penalty of Rs 39.9 crore on the company.
This penalty is in connection with a prior demand order issued by the Deputy Commissioner of Commercial Taxes, Jamshedpur, relating to the fiscal year 2016-17. The initial demand order is currently under appeal before the Commissioner of Commercial Taxes in Ranchi.
The disclosure provided by TCIL includes details of an ongoing commercial tax dispute, specifically the appeal against the demand order of Rs 1,331.13 lakh issued by the Deputy Commissioner of Commercial Tax, Jamshedpur, pertaining to the fiscal year 2016-17.
In response to the recent penalty order, TCIL has announced its intention to file an appeal on merit against the imposed penalty with the appropriate authority. The company is taking all necessary steps to address this issue through the established legal channels.
Importantly, TCIL has expressed its confidence that this development will not have a material impact on its financial, operational, or other activities. The company remains committed to addressing this issue diligently and in compliance with the regulatory framework.
Shares of Tinplate Company of India Ltd ended at Rs 391.85, down by Rs 0.15, or 0.038 percent, on the BSE.
