The Income Tax Department has imposed two separate penalties amounting to Rs 23.07 crore on ACC Ltd, a leading cement producer now owned by Adani Cement. The penalties, relating to the assessment years 2015-16 and 2018-19, follow findings of alleged under-reporting and furnishing of inaccurate particulars of income. ACC, a subsidiary of Ambuja Cement and part of the Adani Group since 2022, has stated its intention to appeal the orders and seek a stay on the penalty demands, asserting that these developments will not affect its financial activities. The fines arise from the company's operations before it joined the Adani Group. Advertisement

For assessment year 2015-16, the Income Tax Department disallowed expenses totalling Rs 49.25 crore, leading to a penalty of Rs 14.22 crore for "furn

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