Key Quantitative Figures
The confirmed tax demand amounts to ₹1,29,698. This is broken down into:
- Tax: ₹40,094
- Interest: ₹49,510
- Penalty: ₹40,094
The company has assessed that this amount is not having a major impact on its operations.
Parties Involved
- Issuing Authority: Additional Commissioner, Grade-II Appeal, Lucknow Sector-9, Uttar Pradesh.
- Listed Entity: Finolex Cables Limited.
The signatory for the company disclosure is Ratnakar Barve, Whole Time Director & Chairman.
Details of Alleged Violations
The order was issued due to a mismatch of invoice details on e-way bills. The company had submitted that double e-way bills were generated due to technical glitches and that the movement of goods had actually happened on one e-way bill only. The Commissioner Appeals confirmed the order on the grounds that such duplicate e-way bills were not cancelled within the stipulated time.
Financial Impact
As quantified above, the total financial impact is ₹1,29,698. The disclosure explicitly states this is "not having major impact on operations of the company."
Forward-Looking Statement / Options
The disclosure states that "the option is open for the Company to file an appeal before the Appellate Authority."