Sunday, May 19, 2024
HomeOther'sBusinessQatar slaps Rs 239 crore tax penalty on L&T

Qatar slaps Rs 239 crore tax penalty on L&T

India’s construction and engineering giant Larsen & Toubro (L&T) has been slapped with two penalties of Rs 111.31 crore and Rs 127.64 crore by Qatar’s income tax authorities for alleged variation in the income declared by the company compared with the assessment of the authority, the company said in a stock exchange filing on Friday.

The penalties, which add up to Rs 238.9 crore, have been imposed for the tax assessment period between April 2016 to March 2017 and April 2017 to March 2018. “An appeal has been filed against the levy of this penalty as the company believes it is arbitrary and unjustified,” L&T said.

The company said that it is “reasonably confident of a favorable outcome at the appellate level”, adding that no material adverse impact is envisaged on the financial, operations, or other activities of the company.

Also Read: 8 Navy veterans sentenced to death in Qatar; India to contest order

The Gulf region is a major market for L&T, accounting for as much as 41 percent of its order inflow in the April-September half of the current financial year. The orders worked out to 32 percent of its Rs 4,50,700 crore order book as of September-end.

(This story is sourced from a third-party syndicated feed. Raavi Media takes no responsibility or liability of any nature. Raavi Media management/ can alter or delete the content without notice for any reason.)