The chemical maker received a revised demand notice from commercial tax department, Karnataka for Rs 85.77 crore for 2014-15 period.
BASF India has received a revised demand notice from the commercial tax department, Karnataka, aggregating to Rs 85.77 crore (including interest & penalty) for the period 2014-2015.The revised tax notice is higher than the earlier notice of Rs 82.74 crore, mainly after considering C-Forms submitted by the company and re-computation of interest.
The Karnataka Appellate Tribunal had already granted stay on the recovery of demand pertaining to period 2014-15.
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.
BASF India reported a net loss of Rs 29.15 crore in Q1 June 2020 as against net profit of Rs 8.20 crore in the corresponding period last year. Net sales rose 9.7% to Rs 1,765.98 crore in Q1 June 2020 from Rs 1,609.46 crore Q1 June 2019.
BASF India is engaged in providing chemicals, plastics, performance products and crop protection products.
Shares of BASF India rose 0.85% to Rs 1,429.95 on BSE. The scrip zoomed 79.86% from its 52-week low of Rs 795 hit on 13 March 2020.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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