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Welspun Corp Gets Tax Notice, Shares Fall

Shares of Welspun Corp fell over 3 per cent to Rs 105.80 on Tuesday after the company disclosed that it has received a tax demand notice of Rs 100.46 crore for its manufacturing unit at Anjar, Gujarat.
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Welspun Corp Gets Tax Notice, Shares Fall
Shares of Welspun Corp fell over 3 per cent to Rs 105.80 on Tuesday after the company disclosed that it has received a tax demand notice of Rs 100.46 crore for its manufacturing unit at Anjar, Gujarat.

The demand notices from the Assistant Commissioner of Commercial Tax, Gandhidham, pertain to a period between February 1, 2014 and September 30, 2015, the steel pipe manufacturer said.

The tax demand of Rs 100.46 crore includes tax of Rs.37.53 crore and interest and penalty amount of Rs 62.9 crore.

Welspun Corp said that it is considering to appeal against the tax notice. "We have been advised that there are many favorable merits in the matter enabling us to contest these demand notices at the appropriate forums," said Welspun Corp in a filing with the Bombay Stock Exchange.

Shares of Welspun Corp ended 3 per cent higher at Rs113.30 compared to a 0.17 per cent fall in Sensex.

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