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DIC India Limited (NSE: DICIND, BSE: 500089) has disclosed receiving two penalty orders from the Income Tax Department under Sections 271D and 271E of the Income Tax Act, 1961, for contraventions of Sections 269SS and 269T respectively. The total penalty demand amounts to ₹2,21,78,859/- for Financial Year 2019-20 (Assessment Year 2020-21).
Details of Orders:
- Section 271D: Penalty of ₹1,12,65,249/– for alleged violations of Section 269SS related to acceptance of loans or deposits otherwise than by account payee cheque/draft or electronic transfer.
- Section 271E: Penalty of ₹1,09,13,610/- for alleged violations of Section 269T concerning repayment of loans or deposits otherwise than by account payee cheque/draft or electronic transfer.
The orders were issued by the Assessment Unit of the Income Tax Department on March 30, 2025.
DIC India has stated its intention to file an appeal against both orders before the appropriate authority and is currently evaluating the matter with legal experts. The company assured stakeholders that there is no material impact on its financials or operational activities due to these developments.
Chandrakant Bhagwat, Company Secretary & Compliance Officer of DIC India Limited, confirmed these details in a regulatory filing with stock exchanges.
Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. We are not registered financial advisors. Please conduct your own research and consult a qualified advisor before making investment decisions. Any investment decisions you make based on this information are solely at your own risk.
Toll Tax Hike on National Highways
The National Highways Authority of India (NHAI) has implemented a toll tax increase across various highways and expressways starting today. Key routes affected include the Lucknow highways, Delhi-Meerut Expressway, and NH-9. This adjustment represents the second hike within a year, with tolls rising by varying amounts depending on the vehicle type.
As stated in Matthew 11:28–2:
Come to me, all you who are weary and burdened, and I will give you rest. Take my yoke upon you and learn from me, for I am gentle and humble in heart, and you will find rest for your souls. — Matthew 11:28–2
