New Delhi: SML Isuzu reported an increase in total sales of 6% in February 2024 with 1010 units versus 953 units in the same month last year. Total sales comprise passenger vehicles (PV) and cargo vehicles.
PV sales decreased 4% to 604 units in February 2024 compared to 631 units in the same month last year. Cargo Vehicles saw a growth of 26% at 406 units compared to 322 units in February 2023.
ETAuto yesterday reported that in compliance with the Securities and Exchange Board of India (SEBI) regulations, a recent development has come to light regarding a penalty imposed on SML Isuzu by the Income Tax Department.
The Income Tax Department (Assessment Unit) issued an order dated 28.02.2024, under section 271(1)(c) of the Income Tax Act, 1961. The order pertains to the Assessment Year 2016-17, where the company allegedly committed violations or contraventions. As a consequence, a penalty of INR 11.56 lakhs has been imposed on the company.
The affected company has stated its intention to file an appeal against this order. The details of the appeal and the grounds on which it will be based are yet to be disclosed.
