Bombay Dyeing & Mfg Company Limited has informed the Exchange about Action(s) taken or orders passed
BOMDYEING · price
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On the reaction day the stock moved 1.4 pts more than Nifty Microcap 250 and 2.9 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bombay Dyeing has received an order from the Joint Commissioner of State Tax-Appeal-V, Mumbai, disposing of its appeal under Section 26 of the MVAT Act for FY 2017-18 (April to June 2017). The order has raised a total demand of Rs. 3,91,23,070, comprising a tax demand of Rs. 1,42,78,493 and interest of Rs. 2,48,44,577. The demand relates to VAT being levied on freight charges collected as reimbursement from PSF customers, both within and outside Maharashtra. The company has stated that this will not have a material impact on its financial operations. It plans to file a further appeal before the relevant tribunal within the permissible timeline.
A modest tax liability of about Rs. 3.9 crore that the company considers immaterial to its operations, though the further appeal outcome remains pending and could affect cash outflows if unsuccessful.