BASF India provided an update with reference to the receipt of demand notices from Commercial Tax Department, Karnataka for the periods 2006-2010, 2010-13, 2014-15 and 2015-16 (Notice) by treating the stock transfers of the Company's Mangalore Plant as interstate sales to dealers and its subsequent stay for the periods 2006-2010, 2010-11 & 2014-15 by the Hon'ble Karnataka Appellate Tribunal.
The company has now received demand notice for the further period i.e. 2013-14 from the Commercial Tax Department, Karnataka aggregating to Rs. 85.19 crores (including interest & penalty) by treating the stock transfers of its Mangalore Plant as interstate sales to dealers.
The Company is in the process of filing its detailed reply/submission/appeals in response to the said Notice.
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.
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