Dalmia Group firm Golden Tobacco Ltd today said it will challenge Rs 80.71-crore penalty confirmed by the appellate authority of the Income Tax department.
The company, which is already contesting the original demands at various levels, would also challenge it before the Income Tax Appellate Tribunal (ITAT), Golden Tobacco said in a BSE filing.
"The company is likely to succeed, consequently these demand will automatically be quashed. The company will further challenge these orders also before ITAT," it said.
The commissioner of Income Tax (Appeals) has confirmed penalty on the company for assessment year 1984-85 and 1986-87 totalling Rs 80.71 crore.
Golden Tobacco has cigarettes brands as Panama, Taj Chhap Deluxe, Style Mini Kings, Chancellor, Platinum, Flair Kings and June Slim.
It also sells cigars under the brand name of Just Black and Lips.
