Tax & Penalty27 May 2026, 09:44 am
Sapphire Foods Faces ₹977.06 Million Demand Notice
AI Summary
Sapphire Foods India Ltd has received show cause notices from the Assistant Commissioner (ST), Koyambedu Assessment Circle, Chennai, Tamil Nadu, regarding alleged excess Input Tax Credit availed. The authorities have issued demand notices cumulatively amounting to ₹977.06 million under Section 73 of the Tamil Nadu SGST Act 2017 for the periods April 2022 to March 2023 and April 2023 to March 2024. Sapphire Foods is evaluating the notice and believes the claim is not maintainable, with no material impact expected on its financial or operational activities.
Key Highlights
- Sapphire Foods received show cause notices for alleged excess Input Tax Credit.
- The demand notice from authorities totals ₹977.06 million.
- The notices pertain to the periods April 2022 to March 2024.
- Sapphire Foods believes the claim is not maintainable.
- The company anticipates no material impact on financials or operations.
Price Impact
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