Income Tax Department Imposes INR 23.5 Cr Penalty on Flipkart

flipkart_delivery_mbvnlFlipkart has once again run into trouble with the Government authorities, this time it is with the Income Tax Department. Due to some irregularities in taxation, the IT Department has imposed a penalty of INR 23.5 crores (USD 4 million) on this e-commerce player.

According to a report by the Business Insider, a Ghaziabad tax department’s official says “The said irregularity in the taxes was found after the books of the firm were seized. The company had earlier paid Rs 29 lakhs as penalty,”. Apparently the company wasn’t depositing the taxes it was collecting from the consumers. And also, many of the partner firms registered by the company turned out to be fake.

Also Read: Flipkart’s Ghaziabad Warehouse Raided by UP Tax Officials; Penalty Worth INR 13.8 Lakhs Issued

Noida and Ghaziabad’s tax departments had conducted a raid at the company’s warehouse in Dasna in Ghaziabad. The company denies any malpractice and says it will cooperate fully with the authorities. Considering the funding it is receiving, will its investors excuse this hiccup as well?

Similar Read:  Dealwire - Online Pharmacy Netmeds Acquires Pluss and More Tech M&A Deals
Category