Torrent Power faces penalty, sells subsidiary shares

Torrent Power (BSE: TORNTPOWER) announced today it has received an order from the Income Tax Department imposing a penalty under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2016-17. The order, dated March 25, 2025, was received at 01:21 pm from the Assessment Unit. The penalty demand amounts to ₹2,31,74,961. The company stated it will pursue an appeal before the National Faceless Appeal Centre (NFAC) or explore other legal options. Torrent Power emphasized that the matter is already sub-judice and pending before the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench. The company expects no material impact on its financial or operational activities.