Suzlon Energy gets interim stay from Gujarat High Court against nearly ₹261 crore penalty

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Suzlon Energy Ltd said in an exchange filing today that the Gujarat High Court has granted an ad interim stay against the ₹261 crore penalty imposed by the National Faceless Assessment Centre, Income Tax Department, New Delhi, in March.

A penalty of ₹87.59 crore had been charged for disallowance of the claim of depreciation on goodwill, late payment of the provident fund, and late payment of employees’ state insurance in 2015-16 (April–March).

The penalty of ₹172.76 crore was levied for disallowance of the claim of depreciation on goodwill, late payment of the provident fund, and late payment of employees’ state insurance in 2016–17.

The company had responded by filing petitions against the said penalty order.

The manufacturer of wind turbines reported a 160% jump in its quarterly net profit compared to the same period last year for the October-December period.

Net profit for the company stood at ₹203.2 crore, compared to ₹69.8 crore that it reported during the same period last year. Finance costs for the quarter fell by over 80% from last year to ₹14.3 crore from ₹86.3 crore last year. Suzlon recently became a debt-free company after paying off its existing debts through a QIP and a rights issue.

Suzlon Energy share price closed 2.2% higher at ₹41.40 on the NSE. So far this year, Suzlon Energy shares have gained 7.5%, but the one-year return on the stock is 417%.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow