IT Department imposes Penalty of Rs.4.68 Crore on Larsen & Toubro:

IT Department imposes Penalty of Rs.4.68 Crore on Larsen & Toubro Larsen & Toubro Ltd has been penalised by the Income tax department for more than Rs.4.68 crore, according to a regulatory filing. The department imposed a penalty of Rs.4,68,91,352 in connection with the tax proceedings of the former L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary that merged with the business on April 1, 2021, L&T said in a filing on Saturday. "According 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," stated the statement. However, the conglomerate stated that it will submit an appeal against this order since it "does not agree with this levy" and anticipates a favourable conclusion at the higher level. L&T is a USD 27 billion Indian multinational corporation that specializes in engineering, procurement, and construction (EPC) projects, high-tech manufacturing, and services across different regions.