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The Income Tax Department has imposed a ₹944.2 crore penalty on IndiGo for the 2021-22 assessment year, the airline said on Sunday, attributing the order to an “erroneous understanding”.
The airline received the fresh order from the department on Friday. IndiGo's net loss in 2020-21 and 2021-22 stood at ₹5,829.7 crore and ₹6,171 crore, respectively, due to travel-related restrictions put in place by the government to deal with Covid-19 pandemic.
In a disclosure to BSE, the airline stated: “The order has been passed on the basis of an erroneous understanding that appeal filed by the company before the Commissioner of Income Tax (Appeals) against the assessment order under Section 143 (3) has been dismissed, whereas the same is still alive and pending adjudication.”
However, the company has not elaborated on the details of the case.
IndiGo mentioned that it strongly believes that the order passed by the Income Tax Department is not in accordance with law and is erroneous and frivolous.
“Accordingly, the company will contest the same and shall take appropriate legal remedies against the aforesaid order. Therefore, the said order does not have any significant impact on financials, operations or other activities of the company,” it added.
According to aviation analytics firm Cirium, IndiGo operates about 15,914 services per week currently, which is 41.8 per cent growth within the last five years. The airline currently holds more than 60 per cent share in the domestic passenger market.
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