Shares of Suzlon Energy fell 2.28 per cent to ₹61.80 on the BSE at 3.00 PM on Monday.
According to its exchange filing, the company announced today that it has successfully resolved a significant tax dispute with the Indian Income Tax Department.
Following a ruling by the Income Tax Appellate Tribunal (ITAT) in favour of the Company, the Jurisdictional Assessing Officer (JAO) has officially cancelled a penalty order of ₹172.76 crores issued under Section 270A of the Income Tax Act, 1961.
The penalty order, issued by the National Faceless Penalty Centre, related to disallowances including a claim of depreciation on goodwill for the financial year 2016-17.
Suzlon Energy is engaged in the business of design, development, manufacturing, and supply of wind turbine generators (WTGs). Suzlon Energy (SEL) is India’s largest renewable energy solutions provider, with a presence in 17 countries across six continents.
The company reported a 95.72 per cent surge in consolidated net profit to ₹200.20 crore on a 47.68 per cent rise in revenue from operations to ₹2,092.99 crore in Q2 FY25 over Q2 FY24.
The stock hit a 52- week high of ₹86.04 on September 12, and reached a low of ₹35.49 on March 14 on the BSE.
