Snowman Logistics Receives Income Tax Rectification Order, Penalty for AY 2024-25 Reduced from Rs 2.06 Crore to Rs 1.72 Crore:

Snowman Logistics Limited has received a rectification order from the Income Tax Department, reducing its penalty for the assessment year 2024-25 from Rs 2,06,56,802 to Rs 1,72,14,000. The company received the order via email on October 28, 2026.

The revised order, dated October 16, 2026, was issued by the Deputy Commissioner of Income Tax, Central Circle-2(1), Mumbai, under Section 154 of the Income Tax Act, 1961. The penalty was initially set at Rs 2,06,56,802, as disclosed by the company to the stock exchanges on October 2, 2026.

Following the initial demand, Snowman Logistics filed a rectification application with the Income Tax Department. The department subsequently reduced the penalty by Rs 34,42,802, bringing the revised demand to Rs 1,72,14,000.

The company has also filed an appeal against the penalty order before the appropriate authority and said it is hopeful of a favourable outcome. According to the company, the rectification order is not expected to have any impact on its financials, operations or other activities.