IndiGo faces INR 13.9 lakh penalty over denied tax credit

InterGlobe Aviation (IndiGo) disclosed that it has received an order from a tax authority denying input tax credit availed for the financial year 2020-21. This denial has led to a demand on the company and a penalty of INR 13,91,818/-. IndiGo stated that it believes it has accurately availed the input tax credit and has merits in its case. The company plans to pursue legal recourse, including filing an appeal. IndiGo also stated that they do not foresee any significant impact on their finances, operations or other activities due to the penalty. The disclosure was made to the National Stock Exchange of India and the Bombay Stock Exchange under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.