JK Paper Ltd. has been fined an aggregate amount of Rs 65.6 crore by the income tax department for assessment year 2021.
The company received the income tax and penalty demand on Tuesday, the company said in an exchange filing. The aggregate amount also includes an interest of Rs 22.4 crore.
However, the company will file an appeal against the order before the appropriate authorities, JK Paper said. "The company, based on its preliminary assessment of the issues involved, is of the view that the demand is fallacious, legally untenable and would be set aside in the course of proceedings."
The paper manufacturing company doesn't expect the demand to have any impact on financial, operational or other activities of the company, it said.
Shares of JK Paper closed 2.33% up at Rs 379.45 apiece, as compared with a 0.45% advance in the NSE Nifty 50.
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