Kalyan Jewellers India Limited — Others, 25-01-2025: Action(s) taken or orders passed

Kalyan Jewellers India Limited has received a penalty of ₹34.42 crore from the Assistant Commissioner for availing inadmissible Input Tax Credit. Although the company has reversed the inadmissible credit, it has not yet paid the interest portion, resulting in the imposed penalty. The management does not anticipate any material impact on its financial or operational activities from this penalty, as they are appealing the decision. This situation may create a neutral impact on investor sentiment, as potential risks are mitigated by the company’s proactive approach to appeal.