Stanley Lifestyles Limited has informed the Exchange about General Updates
STANLEY · price
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Awaiting price reaction for this filing.
Stanley Lifestyles Limited has disclosed that its wholly owned subsidiary, Stanley OEM Sofas Limited, received a Show Cause Notice from the Office of the Deputy Commissioner of Commercial Taxes, Bengaluru, under Section 73 of the KGST Act, 2017. The notice pertains to alleged short declaration of turnover and non-reversal of Input Tax Credit on creditors outstanding beyond 180 days for the tax period April 2021 to March 2022. The total financial implication is ₹55.63 lakh, comprising tax of ₹2.74 lakh and interest of ₹52.89 lakh. No penalty has been imposed at this stage, and the subsidiary is evaluating its response to the notice.
The financial impact is relatively minor (₹55.63 lakh) compared to the company's size and is limited to the subsidiary level, with no penalty imposed yet. Shareholders should monitor the subsidiary's response, but this is unlikely to materially affect the stock price.