Mahindra & Mahindra (M&M) said it has been imposed an over ₹14.3-lakh penalty for incorrect input tax credit availed during the transition from the excise regime to the GST regime by erstwhile Mahindra Vehicle Manufacturers. "Based on the company's assessment, prevailing law and the advice of the counsel...company is hopeful of a favourable outcome at the appellate level," M&M said.