Kolte-Patil Developers Limited Receives Demand Order for Redevelopment Project
Kolte-Patil Developers Limited confirmed the receipt of a demand order from the Assistant Commissioner of State Tax Jurisdiction, Mumbai, Maharashtra. The communication pertains to a redevelopment project and is structured as a formal disclosure regarding correspondence from a statutory authority.The demand order was received by the company on April 06, 2026. The communication details a demand under Section 74 of the CGST/MGST Act, 2017, read with Section 20 of the IGST Act, 2017, along with an Order issued under Rule 142(1A) of the CGST/MGST Rules, 2017.
According to the details provided, the total quantum of the claim amounts to Rs. 58,22,58,380/- (Rupees Fifty Eight Crores Twenty Two Lakhs Fifty Eight Thousand Three Hundred Eighty only). This figure includes both interest and penalties.
Details of the Demand
The tax demand relates to the period spanning from April 1, 2019, to March 31, 2020. The communication summary indicates that the Company received the demand Order from the aforesaid authority for tax demand on a redevelopment project.Key financial and operational points regarding the communication include:
| Particulars | Detail |
|---|---|
| Authority Issuing Communication | Assistant Commissioner of State Tax, Jurisdiction, Mumbai, Maharashtra |
| Date of Receipt | 06 April 2026 |
| Period Applicable | 01-04-2019 to 31-03-2020 |
| Quantum of Claim | Rs. 58,22,58,380/- [including interest and penalties] |
Company's Assessment and Action
In its assessment of the matter, the Company stated that it believes the levy of the GST demand, along with interest and penalty, is arbitrary, unjustified, and unsustainable in law, as it does not appreciate the facts of the case. The Company indicated that it has reasonable grounds to defend its position and intends to take appropriate legal action within the permissible timelines.The Company assessed that, based on its preliminary evaluation, the aforesaid demand is not maintainable and is currently evaluating all possible legal options. Furthermore, the Company does not envisage any relevant impact on its financials, operations, or other activities.
Penalty and interest have been imposed, with the total demand stated as Rs. 58,22,58,380/- (Rupees Fifty Eight Crores Twenty Two Lakhs Fifty Eight Thousand Three Hundred Eighty only) [including interest and penalties].
KOLTEPATIL Stock Price Movement
At the close of trade, Kolte - Patil Developers Limited is edging higher by 1.4% to trade at ₹310.5. The stock saw steady activity today, marking its intraday trading band between ₹303.05 and ₹315.Source:
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