BASF India share price declined more than 1 percent intraday on July 9 after the company received a tax-demand notice.
The company has received a demand notice for the further period ie 2015-2016 from Commercial Tax Department, Karnataka aggregating to Rs 46.01 crore (including interest and penalty) by treating the stock transfers of its Mangalore plant as interstate sales to dealers.
Earlier, it received demand notices aggregating to Rs 620.93 crore (including interest and penalty) for the periods 2006-2007 to 2014-2015.
The company is in the process of filing its detailed reply/submission/appeals in response to the said notice.
The company, based on the legal assessment, does not consider these stock transfers as interstate sales and is taking all the necessary legal steps to defend the matter.
At 1156 hours, BASF India was quoting at Rs 1,231.80, down Rs 11.65, or 0.94 percent on the BSE.
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