Tax demand of INR 977 million dismissed in favor of Sapphire Foods
SAPPHIRE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Sapphire Foods has received a favourable order from the Assistant Commissioner (Appeals), Koyambedu, dismissing the show cause notice of INR 977.06 million raised under Section 73 of the Tamil Nadu SGST Act 2017 for periods April 2022 to March 2023 and April 2023 to March 2024. The authority held that the company had no excessive input tax credit availment and had correctly availed eligible input tax credit. Accordingly, the entire demand of INR 977.06 million stands dismissed.
Positive for shareholders: a potential tax liability of about INR 977 million has been set aside, removing a major overhang on the company finances.