Sterling and Wilson Renewable Energy Limited has received an order from the Deputy Commissioner of State Taxes, Audit-V, Mumbai, regarding a mismatch of input tax and shortfall of taxes paid. The order pertains to the period from April 2021 to March 2022, and the total amount aggregates to INR 11.79 Crores, including penalty and applicable interest. The company is evaluating the order and considering its future course of action.
Order Details
An order has been issued to Sterling and Wilson Renewable Energy Limited by the Deputy Commissioner of State Taxes, Audit-V, Mumbai, regarding input tax mismatch and a shortfall in taxes paid. The order specifically addresses the period from April 2021 to March 2022.
Financial Impact
The total amount related to the order is approximately INR 11.79 Crores. This figure includes the penalty and any applicable interest related to the input tax mismatch. This amount is partially covered under an existing indemnity agreement.
Company Response
Sterling and Wilson Renewable Energy Limited is currently evaluating the order to decide on the future course of action. The company also clarified that a portion of the amount is covered under an indemnity agreement involving Reliance New Energy Limited, Shapoorji Pallonji and Co. Private Limited, and Mr. Khurshed Daruvala.
Source: BSE
