Indian billionaire Gautam Adani has suffered a major blow as the Income Tax (I-T) department has imposed two separate fines on his company ACC Ltd, totalling Rs 23.07 crore, PTI reported. However, the Adani Group firm will contest it before the appellate authorities. The Adani firm received these two demands on October 1, 2025. These penalties will have no impact on financial activity, the Adani firm stated.

Why did the I-T department slap a Rs 23 crore fine on ACC?

The I-T department has slapped a penalty of Rs 14.22 crore allegedly 'for furnishing of inaccurate particulars of income' for Assessment Year 2015-16. The department has also levied a penalty amounting to Rs 8.85 crore 'for under-reporting of income' for Assessment Year 2018-19.

ACC to contest the order

"The company wil

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