Cummins India Faces Rs 95.26 Lakh Income Tax Penalty, Says Order Was Passed Without Adequate Opportunity to Present Submissions:

Cummins India Ltd has received a penalty order of Rs 95.26 lakh from the Assessment Unit of the Income Tax Department for the assessment year 2018-19, the company said in a regulatory filing on September 29.

The penalty has been imposed under Section 270A of the Income Tax Act, 1961. According to the company, the penalty relates to an adjustment made during the income-tax assessment proceedings.

Cummins India said it is evaluating legal options, including filing an appeal before the appropriate appellate authority. The company also said it believes the order was passed without giving it an adequate opportunity to present its submissions.

The company clarified that the penalty will not have any material impact on its financials. It also said there will be no impact on its operations or other business activities.