The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro Ltd, according to a regulatory filing. The department levied a penalty of Rs 4,68,91,352 in connection to the tax proceedings of erstwhile Larsen & Toubro Hydrocarbon Engineering Limited, a wholly-owned subsidiary, which was merged with the company on April 1, 2021, Larsen & Toubro said in the filing on Saturday.
However, the conglomerate said it will file an appeal against this order as it “does not agree with this levy” and expects a favourable outcome at the higher forum.
Larsen & Toubro is a USD 27 billion Indian multinational enterprise engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services, operating across multiple geographies.