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Sundaram Brake Linings Ltd settles tax outstanding through Vivad Se Vishwas Act
Posted On : 2020-12-08 14:54:09( TIMEZONE : IST )
Sundaram Brake Linings Ltd had an outstanding dispute with Income Tax department wilh respect to extraordinary expenditure which was disallowed after reopening of income tax assessments for Assessment Years (AY) 2009-10 to 2012-13.
The Company received favorable orders from the Commissioner of Income Tax (Appeals) on the appeals filed by the Company and the Income Tax Appellate Tribunal also confirmed the decision of the Commissioner of Income Tax (Appeals) on the appeals filed by the Income Tax dept.
Subsequently, the Income Tax Department filed appeals in the Madras High Court which are pending to be listed and heard.
With a view to bring to closure the pending dispute once and for all, the Company e-filed necessary forms towards settlement of the above tax dispute under Direct Tax Vivad Se Vishwas Act, 2020 on 23rd March, 2020.
Based on Form-3's dated 12th / 19th Nov. 2020 received from the Principal Commissioner of Income Tax, Chennai - 3, certifying the amounts payable @ 50% of the tax liability due to the above disallowance for AY's 2008-09 to 2012-13 as Rs. 6.32 Crores, the Company has effected the payment of Rs. 6.32 Crores on 2rd Dec. 2020 and has e-filed Form-4's intimating the above payment to the Income Tax department on 2nd Dec. 2020.
The Income Tax department has passed Orders for full and final settlement of tax dispute for the above AY's under Direct Tax Vivad Se Vishwas Act, 2020 in Form-5's on 7th Dec. 2020 and the appeals pending before High Court, Chennai will be withdrawn by the IT Department.
The Company will reverse in the FY 2021 the excess provision of Rs. 4.22 crores out of the IT liability for Rs. 10.54 Crores created in the books of accounts after adjusting the payment of Rs. 6.32 Crores paid under Vivad-se-Vishwas scheme.
Shares of SUNDARAM BRAKE LININGS LTD. was last trading in BSE at Rs.296 as compared to the previous close of Rs. 293. The total number of shares traded during the day was 449 in over 47 trades.
The stock hit an intraday high of Rs. 307 and intraday low of 275. The net turnover during the day was Rs. 127613.
