Larsen & Toubro (L&T) has received two penalties from Qatar's income tax authorities. The penalties amount to Rs 111.31 crore and Rs 127.64 crore, and were imposed due to alleged discrepancies in the company's declared income compared to the assessment made by the authority. This information was disclosed by L&T in a filing to the stock exchange on Friday.
L&T has been slapped with penalties totaling Rs 238.9 crore for the tax assessment periods from April 2016 to March 2017 and April 2017 to March 2018. The company has filed an appeal against the imposition of these penalties, claiming that they are arbitrary and unjustified.
The company expressed confidence in a positive outcome at the appellate level and stated that it does not anticipate any significant negative effects on its finances, operations, or other activities.
The Gulf region plays a significant role in L&T's business, contributing 41% of its order inflow during the first half of the current financial year. These orders amount to 32% of L&T's total order book, which stood at Rs 4,50,700 crore at the end of September.
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