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BASF India, which had earlier received demand notices from the Commercial Tax Department, Karnataka, aggregating to ₹670 crore (including interest and penalty) for the periods 2006-2007 to 2015-2016, said that the Karnataka Appellate Tribunal vide has granted a stay on recovery of demand aggregating to ₹38.86 crore pertaining to the period 2013-2014.
According to the company, the tax department had treated the stock transfers of the company's Mangalore Plant as interstate sales to dealers.
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, it further said.
Shares of BASF India closed 1.22 per cent lower to ₹1,399 apiece.
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