Stanley Lifestyles Limited has informed the Exchange about disclosure of communication from regulatory, statutory, enforcement or judicial authority
STANLEY · price
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Awaiting price reaction for this filing.
Stanley Lifestyles has received a notice from the Central Tax department in Bengaluru over a mismatch in Input Tax Credit (ITC) claimed between its GSTR-2B and GSTR-3B returns for FY 2022-23. The tax authority has flagged an amount of ₹1.59 crore (₹1,59,37,182.67) as potentially ineligible ITC and asked the company to either reverse it with interest or provide documentary evidence within 7 working days. The company has stated that no specific penalty or sanction has been imposed at this stage and it is preparing a response. Interest under Section 50(1) of the CGST Act may apply from the date of alleged wrongful claim until payment.
This is a routine tax compliance matter with a relatively small financial impact (₹1.59 crore) compared to the company's overall scale. No penalty has been imposed yet, and the company is contesting the computation. Shareholders should monitor the outcome, but this is unlikely to materially affect the stock price unless the dispute escalates significantly.