Domestic steel giant Tata Steel owns a majority stake in TCIL, a can manufacturer headquartered in Kolkata. (Representative image)
“The said order of forfeiture is currently pending an appeal before the Commissioner of Commercial Taxes, Ranchi,” Tata Steel said in a filing with the regulator.
Tata Steel on Thursday said its subsidiary Tinplate Company of India Limited (TCIL) has received a tax notice imposing a penalty of around Rs 40 lakhs in connection with a forfeiture order relating to the financial year 2016-17.
“The said order of forfeiture is currently pending an appeal before the Commissioner of Commercial Taxes, Ranchi,” Tata Steel said in a filing with the regulator.
TCIL received an order from the office of the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, Jamshedpur on October 4, 2023, imposing a penalty of approximately Rs 3,986.78 lakh on TCIL in connection with an earlier order of recovery from the Deputy Commissioner of commercial taxes, Jamshedpur, in respect of financial year 2016-17, it said.
Domestic steel giant Tata Steel owns a majority stake in TCIL, a can manufacturer headquartered in Kolkata.
From its plant in Jamshedpur (Jharkhand), TCIL serves 40 percent of the total domestic market and exports 15-20 percent of its sales to various regions around the world.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
