Sapphire Foods India Limited Receives Favorable Order in Tax Proceedings; Demand Stands Dismissed
Sapphire Foods India Limited has received a favorable order from the Assistant Commissioner regarding show cause notices related to tax proceedings under the Tamil Nadu SGST Act 2017. The decision effectively dismissed a demand amounting to INR 977.06 million.The resolution concerns show cause notices, which were originally issued against the company and relate to two periods: April 2022 to March 2023 and April 2023 to March 2024.
According to the order passed by the Assistant Commissioner (Appeals), the company has no excessive input tax credit availment. The authority confirmed that Sapphire Foods India Limited correctly availed eligible input tax credit during these periods. As a result of this finding, the entire demand of INR 977.06 million stands dismissed.
The details regarding the proceedings are summarized below:
| Aspect | Status/Description |
|---|---|
| Total Demand under Review | INR 977.06 million (DRC-01) |
| Periods Covered | April 2022 to March 2023 and April 2023 to March 2024 |
| Outcome of Proceedings | Favorable order received from the Assistant Commissioner; demand dismissed. |
In addition to this outcome, the company also noted receiving an order for the period spanning April 2022 to March 2023. This specific order amounted to INR 2.06 million and was received on June 23, 2026. The company confirmed that the amount involved in this particular notice was below the threshold limit prescribed for disclosure purposes.
SAPPHIRE Stock Price Movement
Shares of Sapphire Foods India Limited slipped on Thursday, concluding the session at ₹180.37 after shedding 3.98% from the previous close. The equity traded heavily, with 513,067 shares changing hands as the stock price approached the day's low of ₹178.22.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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