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INDIGO

Receives Massive Tax Penalty InterGlobe Aviation Ltd (IndiGo's parent) announced on Sunday that it received a Rs 944.20 crore fine from the Income Tax (I-T) department. The Gurugram-headquartered carrier stated in a BSE filing that the "Income Tax Authority has passed an order imposing a penalty of Rs 944.20 crore for the Assessment Year 2021-22." Airline Calls Order "Erroneous and Frivolous" IndiGo claimed that the order is "erroneous and frivolous" in nature and will not have any significant impact on its financials, operations, or other activities. The company strongly believes that the order passed by the Income Tax Authority is not in accordance with the law and is "erroneous and frivolous." Vows to Contest the Penalty Accordingly, the company said it will contest the order and take appropriate legal remedies against the "aforesaid order." The airline stated that the said order does not have any significant impact on its financials, operations, or other activities. On Friday, IndiGo shares settled 0.32 per cent lower at Rs 5,113. At this closing price, the scrip has climbed 11.36 per cent on a year-to-date (YTD) basis. Technically, the stock traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 71.22.