Tata Steel arm TCIL gets Rs 40 cr tax penalty notice, Legal News, ET LegalWorld | Court Practice News

Tata Steel on Thursday said its subsidiary Tinplate Company of India Limited (TCIL) has received a tax notice, imposing a penalty of about Rs 40 lakhs in connection with a demand order pertaining to the 2016-17 fiscal. “The said demand order is presently pending appeal before the Commissioner of Commercial taxes, Ranchi,” Tata Steel said in a regulatory filing.

TCIL on October 4, 2023, received an order from the office of the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, Jamshedpur, imposing a penalty of approximately Rs 3,986.78 lakh on TCIL in connection with an earlier demand order from Deputy Commissioner of Commercial Taxes, Jamshedpur, pertaining to FY 2016-17, it said.

Domestic steel major Tata Steel owns a majority stake in Kolkata-headquartered TCIL, a tinplate producer.

From its plant in Jamshedpur (Jharkhand), TCIL caters to 40 per cent of the overall domestic market and exports 15-20 per cent of its sales to different geographies across the world.

  • Published On Oct 6, 2023 at 12:25 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETLegalWorld App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Explosion in Ukraine Kills at Least 51 Gathered for a Wake | Court Practice News

Thu Oct 5 , 2023
They came to mourn the dead, but in a split second of thunder and flying debris, more than 50 people who had gathered for a wake were themselves killed on Thursday when a giant explosion tore through a shop in a tiny Ukrainian village. It was one of the biggest […]

You May Like

Breaking News