Endurance Technologies Limited has received a fresh demand order from the Deputy Commissioner in Rudrapur, Uttarakhand, regarding the financial year 2021-22. Out of an initial demand of Rs. 12.39 crore, the authorities have dropped Rs. 12.07 crore, with a remaining confirmed demand of Rs. 32.49 lakh. The company maintains that the impact on its financial operations is not material and is preparing to file an appeal against the order.
Order Details and Breakdown
The latest order pertains to the 2021-22 financial year and relates to the alleged non-confirmation of Input Tax Credit (ITC) reversals by customers regarding credit notes issued by the firm. Following a reassessment, the authorities have significantly reduced the liability. The confirmed demand of Rs. 32.49 lakh consists of Rs. 17.72 lakh in tax, Rs. 12.80 lakh in interest, and Rs. 1.97 lakh in penalties.
Next Steps and Financial Impact
The company has stated that the current demand will have no material impact on its financial operations or overall activities. Disagreeing with the authority’s assessment, the company is actively in the process of filing an appeal. This decision follows the contention that the relevant tax authority did not fully consider all supporting documentation submitted during the adjudication process.
Source: BSE
