British oil explorer Cairn Energy Plc. faces up to Rs.10,247-crore penalty over and above the Rs.29,000 crore in tax and interest demand slapped on it by the I-T Department using a retrospective legislation. In a circular to shareholders, the company said it had on February 4 received “a final assessment order from the Indian Income Tax Department in amount of Rs.10,247 crore plus interest back dated to 2007 totalling Rs.18,800 crore. “The aggregate amount of Rs.29,000 crore excludes any applicable penalties which may also be applied to the final assessment (potentially up to 100 per cent of the final assessment order, excluding interest).”