Finolex Cables has received an order from the Additional Commissioner of Revenue (Appeals), Large Tax Payer Unit, Kolkata, West Bengal, dated April 18, 2024. The order partially confirms a demand related to disallowing Input Tax Credit, with a total demand of ₹1,86,952. The company has the option to appeal the order.
Tax Order Details
Finolex Cables received an order from the Additional Commissioner of Revenue (Appeals), Large Tax Payer Unit, Kolkata, regarding a tax matter in West Bengal. The original order was issued on April 18, 2024.
Financial Impact
The confirmed tax demand amounts to ₹1,86,952, including tax, interest and penalty. The breakdown is as follows:
< figures >
- Tax: ₹79,208
- Interest: ₹77,744
- Penalty: ₹30,000
According to the company, this demand is not expected to have a significant impact on its operations. Finolex Cables retains the option to file an appeal against the order with the appropriate appellate authority.
Source: BSE