BASF India receives Rs73.33cr notice from Karnataka's commercial tax department; Stock ends flat

BASF said that the Company is in the process of filing its detailed reply in response to this Notice.

Mar 22, 2021 03:03 IST India Infoline News Service

BASF India
BASF India on Monday said that the company has "received Notice for Rs73.33cr (including interest & penalty) for the period 2016-17 from Commercial Tax Department, Karnataka. The Company is in the process of filing its detailed reply/submissions in response to this Notice."

Earlier, BASF had received demand notices from the Commercial Tax Department, Karnataka aggregating to Rs670cr (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 the recovery of demand for the periods 2006- 2007 to 2015-2016.

BASF further today said, "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."

On Sensex, BASF finished at Rs2080 per piece flat compared to the previous closing.

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