The Income Tax Department has imposed a fine of Rs 944.20 crore on the Parent Company Interglobe Aviation Limited of the airline company Indigo. This action of income tax has been declared wrong and baseless by the company. The company said that will challenge this decision of income tax. IndiGo said that this decision will not have any significant impact on their financial functioning.
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On Sunday, IndiGo’s original company Interglobe Aviation Limited said that it has received an order to pay a fine of Rs 944.20 crore from the Income Tax Department for the Assessment Year 2021-22. The airline company has denied the order of fine as wrong and said that it will give it a legal challenge.
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IndiGo said in the BSE filing that the Income Tax Authority has given the order in the misunderstanding that the company has been rejected against the Income Tax Commissioner (Appeals) against the assessment order under section 143 (3). Whereas in reality that appeal is still under consideration.
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The company says that this order is wrong and baseless. IndiGo believes that this will not affect their financial functioning or other activities. The company also said, ‘The company strongly believes that the order passed by the Income Tax Authority is not according to the law and it is wrong and baseless. The company will oppose it and challenge the said order in the court. This has no significant impact on the financial, operation or other activities of the company.
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At the same time, IndiGo’s shares fell 0.32 percent to close at Rs 5,113 after receiving notice from income tax. According to media reports, the airline shares have seen strength in recent business and it has increased by about 11.36 percent on a year-on-year basis.
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