Chemical

Appellate tribunal stays Rs. 24.74 crore demand notice on BASF India

The Karnataka Appellate Tribunal vide its order dated 22nd October, 2020 has granted stay on recovery of demand from BASF India aggregating to Rs. 24.74 crore pertaining to the period 2015-2016.

  • By ICN Group | October 24, 2020

The Karnataka Appellate Tribunal (KAT) vide its order dated 22nd October, 2020 has granted stay on recovery of demand from BASF India aggregating to Rs. 24.74 crore pertaining to the period 2015-2016.
 
BASF India 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.
 
The Commercial Tax Department of Karnataka had slapped demand notices to BASF India aggregating to Rs. 670 crore (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, 2013-2014 and 2014-2015.
 
In this connection, the appellate tribunal has already granted stay on recovery of demand aggregating to Rs.38.86 crores pertaining to the period 2013-2014 and Rs. 85.49 crores (including interest & penalty) pertaining to the period 2012-2013 respectively.
 

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