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This Liquor Company Faces Rs 5.51 Crore Tax Demand | Here's Why
The demand, inclusive of interest amounting to Rs 2.99 crore, has been contested by United Spirits Ltd. The company stated its intention to challenge the matter by filing either a rectification application or an appeal before higher authorities.
Authored by: Times Now Digital
Updated Apr 2, 2024, 21:10 IST
United Spirits Faces Tax Heat (Image Source: iStockphoto)
United Spirits Ltd has disclosed receiving a tax demand totaling Rs 5.51 crore, which includes interest, for the non-submission of specific statutory declaration forms and delivery proofs.
According to a regulatory filing, the Deputy Commissioner of State Tax in Nanded imposed the demand concerning Pioneer Distilleries Ltd, which was merged with United Spirits Ltd from December 30, 2023.
The demand, inclusive of interest amounting to Rs 2.99 crore, has been contested by United Spirits Ltd. The company stated its intention to challenge the matter by filing either a rectification application or an appeal before higher authorities.
"The company will be contesting the matter by filing a rectification application or appeal before higher authorities," United Spirits said.
Based on its risk-assessment process, the company said, "It believes it has a good case and does not expect any material financial implication"
United Spirits Ltd expressed confidence in its position, indicating minimal anticipated financial repercussions based on its risk-assessment process.
On Tuesday, the shares of United Spirits Ltd closed at Rs 1152.95, 0.43 per cent down from the previous day's closing. The 52 week high and low of the share is Rs 1,182.90 and Rs 741.40 respectively.
(With Inputs From PTI Agency)
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