Craftsman Automation Limited announced that the Assessing Officer, Assesment Unit, Income Tax Department has pronounced a penalty order u/s 271(1)(c) for Assessment Year 2014-15. The details required as per Regulation 30 is attached as Annexure. Penalty has been levied on disallowances under total income while the Company has paid Income Tax under MAT income during the year under consideration.

There has been no demand of tax on the disallowances as the tax paid under MAT income is higher than the tax on the assessed total income. Impact on financial, operational or other activities of the listed entity, quantifable in monetary terms to the extent possible: Demand value of INR 22,880,481 against which the Company will prefer an appeal.