Arrow Greentech faces Rs. 1.80 crore tax penalty, sees no material impact

Arrow Greentech Limited ( (IN:ARROWGREEN) ) just unveiled an announcement.

Arrow Greentech Limited has disclosed that the Income Tax Department has issued a demand order for a penalty of Rs. 1.80 crore for assessment year 2017-18, following a penalty order under Section 270A of the Income Tax Act. The penalty stems from the dismissal of the company’s appeal against disallowances of certain expenditure and deductions claimed under various provisions of the tax law.

The company stated that the demand notice is not expected to have a material impact on its financials, operations, or other activities. Arrow Greentech plans to file an appeal against the penalty within the stipulated period and has already approached the Income Tax Appellate Tribunal and requested a stay on recovery pending the outcome of those proceedings.

More about Arrow Greentech Limited

Arrow Greentech Limited operates in the industrial and specialty materials sector, with manufacturing facilities in Gujarat and a registered office in Mumbai. The company focuses on niche technology-driven products and solutions, supplying industrial customers in India and potentially export markets, though the release does not detail specific product lines.

Average Trading Volume: 1,392

Technical Sentiment Signal: Hold

Current Market Cap: 5.24B INR

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