Suzlon strength shares recuperating from lows following overturning of tax penalty
Suzlon energy stock charges are currently trading at Rs sixty two.31, down by way of 1.49 percent from commencing, as at 2:31 PM, Dec 30. this is following the employer's announcement of its an income tax refund that is well worth Rs 173 crore.
As of 2024, Suzlon electricity's shares have received over 60 percentage no matter a current correction from its height of Rs 86.
Suzlon energy has correctly overturned a Rs 172.76 crore penalty imposed by the national Faceless Penalty Centre of the earnings Tax branch. This favorable judgement from the profits Tax Appellate Tribunal ITAT turned into regarding a penalty related to sure disallowances, such as a claim of depreciation on goodwill for the monetary 12 months 2017.
"Consequent to the effect giving order exceeded with the aid of the Jurisdictional Assessing Officer (JAO) received by way of the corporation on december 29, the JAO has cancelled the aforesaid penalty order," Suzlon stated in an exchange submitting.
The organization had introduced the penalty in march 2024 and eventually filed an attraction with the income Tax Appellate Tribunal (ITAT). The ITAT has now ruled in prefer of Suzlon. Following the ITAT's ruling, the Jurisdictional Assessing Officer (JAO) has canceled the penalty order.
In Q2 FY 2025, Suzlon energy Ltd said ninety six percentage jump in net income at Rs 201 crore due to file order wins and excessive margins. The renewable power firm said its sales rose 48 percent to Rs 2,093 crore in Q2 FY 2025. concurrently, EBITDA rose 31 percent to Rs 294 crore and order book turned into at all-time excessive 5.1 GW together with "India's biggest wind order from NTPC". however EBITDA margin declined to fourteen.1 percentage from 15.nine percent within the same sector last year.