I-T dept imposes penalty of ₹23.07 crore on Adani Cement entity ACC

The company received these demands on October 1, 2025, and said that these penalties will have no impact on financial activity

The Income Tax (I-T) department has imposed two separate fines on ACC Ltd, totalling ₹23.07 crore, which will be contested by the Adani Group firm before the appellate authorities.

The I-T department has slapped a penalty of ₹14.22 crore allegedly "for furnishing of inaccurate particulars of income" for Assessment Year 2015-16.

The department has also levied a penalty amounting to ₹8.85 crore "for under-reporting of income" for Assessment Year 2018-19.

"The company will be contesting both orders by filing appeals before the Commissioner of Income Tax (Appeals) within the prescribed timelines and, in parallel, will seek a stay on the penalty demands raised under the respective orders," ACC said in regulator filings on Thursday.

The company received these two demands on October 1, 2025, and said that these penalties will have no impact on financial activity.

ACC is a subsidiary of Ambuja Cement, the Adani Cement entity, which owns over 50 per cent of the company. Both the I-T department demands are for the period before it became part of the Billionaire Gautam Adani-led group.

In September 2022, Adani Group acquired Ambuja Cements and its subsidiary ACC Ltd from Switzerland's Holcim Group in a $6.4 billion deal.

The I-T department has levied a penalty under section 271(1)(c) for the Assessment Year 2015-16.

"For Financial Year 2014-15 relevant to Assessment Year 2015-16, the I-T department had disallowed certain expenses aggregating to Rs 49.25 crore and consequently alleged such adjustments as furnishing inaccurate particulars of income to the extent of such disallowances," the filing said.

Consequent to the same, the I-T Department has now imposed a penalty amounting to Rs 14.22 crore, i.e, 100 per cent of the tax effect of the aforesaid disallowances.

While in the second demand, the I-T department for the Assessment Year 2018-19 had "disallowed claim for expenditure amounting to Rs 12.79 crore and accordingly alleged under-reporting of income to that extent".

"Consequent to the said disallowance, the Income Tax Department has levied a penalty amounting to Rs 8.85 crore, i.e., 200 per cent of the tax effect of the aforesaid disallowances," it said.

As per its latest annual report, ACC's revenue from operations in FY25 was Rs 21,762 crore, along with a cement sales volume of 39 million tonnes.

Shares of ACC Ltd were trading at Rs 1,835.25 apiece on the BSE in the afternoon trade, up 0.33 per cent from the previous close.