Fusion Finance Limited has informed the Exchange that Company has received appeal order for dropping Demand liability.
FUSION · price
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Fusion Finance Limited has received an appeal order dated May 2, 2025, from the Circle Officer, Commercial Taxes, West Bengal Asansol Circle, dropping the entire demand liability of Rs. 3,73,869 (Rs. 1,80,654 as tax, Rs. 1,75,150 as interest, and Rs. 18,065 as penalty). This demand originally arose from an Order-in-Original dated April 24, 2024, related to excess Input Tax Credit claimed on Input Service Distributor under the IGST head for FY 2018-19. The company had filed an appeal against the original order, and the appellate authority has now ruled in the company's favor, closing the matter. The disputed amount is small relative to the company's overall size and operations.
Positive for shareholders as the company has fully won the appeal and the tax demand has been dropped, removing this legal overhang. The financial impact is minimal given the small size of the demand, but it reflects favorably on the company's compliance position.