Welspun Corp Down 3 Per cent On Receiving Tax Notice

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Shares of the Welspun Corp were seen trading lower on Tuesday after the company said that the it has received the assessment order and demand notices.

The notice is with respect to the manufacturing unit at Anjar (Gujarat) for an amount of Rs.100.46 Crores which includes tax amount of Rs.37.53 crores and interest and penalty amount of Rs.62.9 crores.

Welspun Corp Down 3 Per cent On Receiving Tax Notice
Welspun Corp: Quotes, News
BSE 73.75BSE Quote0.65 (0.88%)
NSE 74.30NSE Quote1.3 (1.75%)

"The Company has received provisional Assessment Orders along with demand notices from the Assistant Commissioner of Commercial Tax, Gandhidham for the period starting from February 01, 2014 and ending on September 30, 2015 in respect of our manufacturing unit at Anjar (Gujarat) for an amount of Rs.100.46 Crores which includes tax amount of Rs.37.53 crores and interest and penalty amount of Rs.62.9 crores, the company said in the filing.

The company has been advised that there are many favorable merits in the matter enabling us to contest these demand notices at the appropriate forums.

Shares of the company were seen trading at Rs 106.35, lower by 3.32 per cent on BSE at 11.22 am Ist. IT touched an intra-day low of Rs 105.75 during trade.

Goodreturns.in

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