Suzlon Energy Ltd.’s shares recovered from the lows of the day on Monday, December 30, after the company announced that it will receive an income tax refund worth ₹173 crore after a favourable judgement from the Income Tax Appellate Tribunal (ITAT).

In its exchange filing, Suzlon said that the company was charged a penalty of ₹172.76 crore by the National Faceless Penalty Centre of the Income Tax Department, with regards to certain disallowances, including that of claim of depreciation on goodwill for financial year 2017.

Suzlon had shared this announcement with the exchanges in March 2024.

The company had filed an appeal before the Income Tax Appellate Tribunal (ITAT) against this order and the ITAT has now ruled in favour of the company.

“Consequent to the effect giving order passed by the Jurisdictional Assessing Officer (JAO) received by the company on December 29, the JAO has cancelled the aforesaid penalty order,” Suzlon said in an exchange filing.

Shares of Suzlon Energy are fluctuating between gains and losses, currently trading 0.5% lower at ₹62.92. The stock has risen 63% so far in 2024.