Bengaluru, February 26, 2025 – ABB India Limited (NSE: ABB) has disclosed that it has received an order from the Deputy Commissioner of Commercial Taxes (Audit-6.5), Bengaluru, Karnataka, imposing a penalty under Section 73 of the CGST Act, 2017. The penalty, amounting to ₹1,26,22,412 (₹1.26 crore), pertains to tax short-payment or liability short-assessment for the financial year 2020-21.
Key Details of the Order
- Authority Issuing the Order: Deputy Commissioner of Commercial Taxes (Audit-6.5), Bengaluru.
- Nature of the Order: Imposition of a penalty due to short-payment of tax.
- Penalty Amount: ₹1.26 crore.
- Date of Receipt: February 25, 2025, at 5:39 PM.
Company’s Response
ABB India stated that based on its internal assessment, it intends to appeal the order. The company remains confident of securing a favorable outcome at the appellate level and does not anticipate any material impact on its financials or operations.Investors are advised to stay informed about any further developments regarding the appeal.