I-T dept imposes penalty of Rs4.68 crore on L&T

NEW DELHI: The income tax department has imposed a penalty of over Rs4.68 crore on Larsen & Toubro Ltd, according to a regulatory filing.

The department levied a penalty of Rs4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary, which was merged with the company on April 1, 2021, L&T said in the filing on Saturday.

“Pursuant to the income tax assessment of the company and consequent adjustment in the returned income for the Assessment Year 2020-21, a penalty is levied on such adjustment to the returned income,” it said.