Suzlon Energy share price traded 1.55% lower on Monday, December 30, reaching an intra-low ₹62.26 on BSE at 2:43 PM (IST). According to BSE data, the stock recorded a total traded volume of 19.31 lakh shares, resulting in a turnover of ₹12.13 crore.
The stock price fell despite the announcement of a favourable ruling from the Income Tax Appellate Tribunal (ITAT). The company disclosed that it will receive an income tax refund of ₹173 crore after successfully contesting a penalty imposed by the Income Tax Department.
The case stemmed from a penalty of ₹172.76 crore levied by the National Faceless Penalty Centre of the Income Tax Department for the financial year 2017. The penalty included disallowances such as the company’s claim of depreciation on goodwill. Suzlon had disclosed this development in an exchange filing in March 2024.
The company filed an appeal with the ITAT to contest the penalty. In a ruling delivered on December 29, the ITAT sided with Suzlon, leading to the cancellation of the penalty order by the Jurisdictional Assessing Officer (JAO).
“Consequent to the effect-giving order passed by the Jurisdictional Assessing Officer (JAO), the aforesaid penalty order has been cancelled,” Suzlon stated in its exchange filing.
As of September 30, 2024, Suzlon’s ownership structure reveals a diverse group of stakeholders. Promoters held a 13.25% stake in the company, while Foreign Institutional Investors (FIIs) owned 23.72%. Domestic Institutional Investors (DIIs) held 9.02%, reflecting strong institutional interest in the renewable energy company.
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Published on: Dec 30, 2024, 3:29 PM IST
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