KNR Constructions Receives Penalty Orders Totaling ₹27.98 Crore from Income Tax Dept.
KNR Constructions Limited received penalty orders from the Income Tax Department totaling ₹27.98 crore for assessment years 2017-18 to 2020-21. The company disputes the penalties and plans to file an appeal. The orders were received on September 29-30, 2026.
The penalty amounts are significant and require the company to engage in legal appeals, which could impact operations and finances. However, the company believes the penalties are not maintainable, mitigating the immediate impact.
The company has received penalty orders from the Income Tax Department, which will likely have a negative financial impact and requires further legal proceedings.
KNR Constructions Limited has announced the receipt of penalty orders from the Assistant Commissioner of Income Tax, Central Circle 2(2) - Hyderabad. The orders pertain to penalty levies under Section 270A of the Income Tax Act, 1961, for the search-related assessment years. The penalties include ₹2,79,87,171 for AY 2017-18, ₹16,64,95,790 for AY 2018-19, ₹56,40,46,040 for AY 2019-20, and ₹15,99,23,720 for AY 2020-21. The company received these orders on 29th September 2026 and 30th September 2026. KNR Constructions Limited, however, believes these penalty demands are not maintainable in law and intends to file an appeal before the appropriate forum within the stipulated timeline. The company will provide further updates on the outcome of these proceedings.
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