IndiGo plans to challenge ₹944cr tax penalty levied by IT department.

IndiGo’s parent company, InterGlobe Aviation Ltd, faces a ₹944.20 crore penalty from the I-T department. The airline disclosed this in a recent BSE filing, citing that the fine for 2021-22 was mistakenly imposed due to the assumption that their appeal under Section 143(3) was rejected, though it is still awaiting adjudication.

IndiGo disputes the new tax penalty, deeming it baseless. The airline asserts it won’t have a major impact on finances or operations. IndiGo plans to challenge the Income Tax Authority’s ruling, seeking legal recourse.

IndiGo’s stock closed slightly lower on Friday but has risen by 11.36% this year. It consistently trades above various simple moving averages, including the 200-day SMA. The RSI for a 14-day period is at 71.22, suggesting it’s nearing overbought levels.

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