IMFA Receives Rs 38.98 Lakh Income Tax Penalty Order Over Capital Gains From Property Sale:
IMFA faces a Rs 38.98 lakh Income Tax penalty over capital gains from an FY23 property sale and is considering an appeal.
IMFA Faces Rs 38.98 Lakh Tax Penalty
Vanshika verma
Sep 23, 2026
Indian Metals and Ferro Alloys Ltd. (IMFA) has received an order from the Income Tax Department for the financial year 2022-23, imposing a penalty of Rs 38.98 lakh under Section 270A of the Income-tax Act, 1961.
The penalty relates to the sale of an immovable property. According to the company, the Assessing Officer had computed a higher capital gains tax on the transaction, leading to the penalty order.
IMFA said it received the order from the Assessment Unit of the Income Tax Department on September 22, 2026. The company is considering filing an appeal against the order before the appropriate appellate authority.
The company has also clarified that the order is not expected to have any material impact on its financial position, operations or other activities.
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Vanshika verma
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Delhi, Delhi, India
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