SYMPHONY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The VAT department in Lucknow, Uttar Pradesh had originally raised a tax demand of Rs. 13.70 crore against Symphony Limited for FY 2016-17, citing incorrect enhancement of turnover, disallowance of credit notes, and ignoring monthly payments. The company had appealed this order (referenced in its June 5, 2024 filing). The authority has now reviewed the appeal favourably and drastically reduced the total tax liability to just Rs. 12,563, with no CST liability. The company has stated there is no material impact on its financials, operations, or other activities beyond this small amount, which it will pay within the prescribed time limit.
This is a positive outcome for shareholders — the company avoided a Rs. 13.7 crore tax demand, which is a meaningful relief. The negligible final liability of Rs. 12,563 means no meaningful financial impact and removes a significant overhang from this long-pending dispute.