Suzlon Wins ₹173 Crore Tax Refund After ITAT Verdict

30 Dec 2024 , 03:24 PM

Suzlon Energy Ltd.’s shares are currently trading at ₹61 on Monday, December 30 after the company received a welcome news of an income tax refund.

The company would be getting a refund of ₹173 crore after a ruling by the Income Tax Appellate Tribunal (ITAT) in its favor. Suzlon Energy Ltd.’s shares has gained a total of 58% in the last one year, and 15% in the last six months.

Earlier, Suzlon was penalized ₹172.76 crore by the National Faceless Penalty Centre for claims like disallowance of depreciation on goodwill for the financial year 2017. This penalty was challenged by Suzlon in March 2024 when it filed an appeal with the ITAT against the order imposed.

ITAT has now pronounced in favor of Suzlon, which is a big boost to the company. The Jurisdictional Assessing Officer (JAO) passed an order on December 29, canceling the penalty imposed earlier. Suzlon has announced this development in its exchange filing, where it has highlighted the positive outcome of the appeal process.

The favorable decision will bolster the company’s financial status and regain investor confidence.
The step Suzlon took in order to challenge the penalty portrays that it cares about the financial interests of the firm.