BASF India Limited receives stay on recovery of Demand Notice received from the Commercial Tax Department, Karnataka

BASF India Limited had earlier announced the receipt of demand notices from the Commercial Tax Department, Karnataka aggregating to Rs. 744.67 crores (including interest and penalty) for the tax periods 2006-2007 to 2016-2017 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 tax 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 12th October 2021 (received by us on 13th October 2021) has granted stay on recovery of tax demand aggregating to Rs. 40.65 crores pertaining to the tax period 2016-2017.

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 Limited was last trading in BSE at Rs. 3598.65 as compared to the previous close of Rs. 3418.10. The total number of shares traded during the day was 6762 in over 1395 trades.

The stock hit an intraday high of Rs. 3645.05 and intraday low of 3390.20. The net turnover during the day was Rs. 23971962.00.

Source : Equity Bulls

Keywords

BASFIndia DemandNotice Stay INE373A01013 SpecialtyChemicals