BASF India gets stay on recovery of demand aggregating to Rs38.86cr; stock down ~2%

The company has received a stay on recovery of Demand Notice received from the Commercial Tax Department, Karnataka pertaining to the period 2013-2014.

Oct 19, 2020 10:10 IST India Infoline News Service

BASF India
BASF India Limited informed the exchanges on Sunday that the Karnataka Appellate Tribunal vide its order dated October 16, 2020 has granted stay on recovery of demand aggregating to Rs38.86cr pertaining to the period 2013-2014.

“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,” company said.

The company had earlier 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 Karnataka Appellate Tribunal on recovery of demand for the periods 2006-2007 to 2010-2011, 2012-2013 and 2014-2015.

BASF India Ltd is currently trading at Rs1,389.70 down by Rs26.6 or 1.88% from its previous closing of Rs1,416.30 on the BSE.  The scrip opened at Rs1,415 and has touched a high and low of Rs1,415 and Rs1,348.75 respectively.

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