BASF India Ltd gets stay on recovery of Demand Notice pertaining to FY 2011-12 received from the Commercial Tax Department, Karnataka

BASF India Ltd had earlier received demand notices from the Commercial Tax Department, Karnataka aggregating to Rs. 670 crores (including interest and penalty) for the periods 2006-2007 to 2015-2016 by treating the stock transfers of the Company's Mangalore Plant as interstate sales to dealers and its subsequent stay by Hon'ble Karnataka Appellate Tribunal on recovery of demand for the periods 2006-2007 to 2010-2011, 2012-2013, 2013-2014, 2014-2015 and 2015-2016.

In this connection, the Hon'ble Karnataka Appellate Tribunal vide its order dated 28th October, 2020 has granted stay on recovery of demand aggregating to Rs. 29.49 crores pertaining to the period 2011-2012.

The Company, based on the legal assessment, does not consider these stock transfers as interstate sales and is taking all the necessary legal steps to defend the matter.

Shares of BASF INDIA LTD. was last trading in BSE at Rs.1381 as compared to the previous close of Rs. 1387.45. The total number of shares traded during the day was 283 in over 98 trades.

The stock hit an intraday high of Rs. 1414.4 and intraday low of 1381. The net turnover during the day was Rs. 394706.

Source : Equity Bulls

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