Larsen & Toubro slapped with a ₹42.5 lakh penalty by tax authorities, reports ET LegalWorld.

Larsen & Toubro Limited has received a notice from the tax authorities under Section 74 of the Central Goods and Services Tax Act, 2017. The tax authorities have levied a penalty of ₹42,52,288 for disallowing transitional credit claimed by the company. The company disagrees with the levy and plans to file an appeal before the appellate authority. According to the company, it expects a favorable outcome at the higher forum. This disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.