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NFAC levies penalty on Indus Towers for under reporting Income

NFAC levies penalty on Indus Towers for under reporting Income

New Delhi, Feb 28 (UNI) The National Faceless Assessment Centre (NFAC) of Income Tax Department has levied a penalty of over Rs 36.65 lakh on telecom towers company Indus Towers, jointly owned by Bharti Airtel and Vodafone Group, for under reporting of income.
The company will challenge the order at appellate authority.
In a disclosure to the stock exchanges, Indus Towers said that an order passed by NFAC levying a penalty of Rs 36,65,422 on account of under reporting of income.
“The company will challenge the order at appellate authority and there is no material impact of the same on financials, operation or other activities of the company,” the company said.
NFAC along with other centres and units have been established by the Central Board of Direct Taxes. The NFAC is in charge of conducting an assessment of income tax returns.
Indus Towers is India’s leading provider of passive telecom infrastructure and it deploys, owns and manages telecom towers and communications structures, for various mobile operators.
The company’s portfolio of over 2,11,000 telecom towers makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles.
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