Global Surfaces Ltd. Faces ₹1.74 Crore Penalty from Income Tax Dept.
Global Surfaces Limited received an order imposing a penalty of ₹1.74 Crore for the Assessment Year 2019-20. The penalty is for alleged contravention of Section 269SS of the Income-tax Act, 1961. The company plans to file an appeal and does not expect material adverse financial impact.
A penalty of ₹1.74 Crore is significant, though the company believes it will not have a material adverse impact. The potential for an appeal introduces some uncertainty.
The company has been penalized by the Income Tax Department, which is a negative development.
Global Surfaces Limited has announced that it has received an Order dated June 29, 2026, from the Deputy Commissioner of Income Tax, Central Circle 2(2), Kolkata. The order, passed under Section 271D of the Income-tax Act, 1961, imposes a penalty of ₹1,73,99,169 (Rupees One Crore Seventy-Three Lakh Ninety-Nine Thousand One Hundred Sixty-Nine only) on the company for the Assessment Year 2019-20.
The penalty is due to an alleged contravention of Section 269SS of the Income-tax Act, 1961, related to the acceptance of loans or deposits aggregating ₹1,73,99,169 otherwise than through a specified mode. The company received the order and notice on June 30, 2026, at 01:06 PM (IST).
Global Surfaces Limited is currently reviewing the order and plans to take appropriate remedial steps, including filing an appeal before the appropriate appellate forum. The company believes it has adequate legal and factual grounds to address the matter and does not anticipate any material adverse impact on its financials, operations, or other activities.
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Global Surfaces Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Global Surfaces Limited. Read the original for the full detail.