Welspun Corp gets Rs 100-crore tax demand notice

Welspun Corp on Monday said it has received tax demand notice of Rs 100 crore in respect of a manufacturing unit in Anjar, Gujarat.

The demand notices from the Assistant Commissioner of Commercial Tax, Gandhidham, pertains to a period between February 1, 2014 to September 30, 2015, in respect of a manufacturing unit at Anjar (Gujarat), Welspun Corp said in a BSE filing.

The demand notice of Rs 100.46 crore includes tax amount of Rs 37.53 crore, and interest and penalty amount of Rs 62.9 crore. "We have been advised that there are many favorable merits in the matter enabling us to contest these demand notices at the appropriate forums," Welspun said.

Welspun Corp shares on Monday closed 2.87% down at Rs 110 apiece on BSE.