Mumbai, March 1, 2025 – Parag Milk Foods Limited (BSE: 539889, NSE: PARAGMILK) has received a penalty order of ₹3.26 crore from the Income Tax Department's Central Range 2, Pune. The penalty, imposed under Section 271D of the Income Tax Act, 1961, pertains to an alleged violation of Section 269SS for the Assessment Year 2016-17.
Key Details of the Order:
- Issuing Authority: Central Range 2, Pune, Income Tax Department
- Penalty Amount: ₹3.26 crore
- Nature of Violation: Breach of Section 269SS, which restricts certain cash transactions
- Date of Order Receipt: February 28, 2025, at 10:38 AM (IST)
Company’s Response & Financial Impact:
Parag Milk Foods Limited has stated that while the financial impact is limited to the penalty amount, the company plans to appeal against the order and has requested that the penalty proceedings be kept in abeyance pending the outcome of the appeal. The company also clarified that there is no impact on its operations or other business activities due to this order.Investors and stakeholders will be closely monitoring the company's appeal process and any further legal developments regarding this matter.