Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Bata India Limited has informed about Demand Order
BATAINDIA · price
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Bata India has received a demand order from the Office of the Commercial Tax Officer in Chandigarh under the CGST Act, 2017, for the financial year 2021-22. The tax authority has flagged Input Tax Credit (ITC) claims as not being in accordance with applicable laws and lacking supporting documentary evidence. A penalty of Rs. 23,94,974 (about Rs. 23.95 lakhs) has been imposed in addition to the demand for tax and interest. The company has stated that it believes it has a strong case to defend the matter before the appropriate authorities and does not foresee any material financial impact.
The penalty amount is small relative to Bata India's overall business and is unlikely to materially affect the stock price or shareholder value. The company plans to contest the order, and the disclosure appears to be a routine regulatory filing under SEBI's disclosure norms.