Kalpataru Subsidiary Faces ₹14.49 Cr Tax Demand; Plans Appeal
Kalpataru's subsidiary, Ananta Landmarks Private Limited, received GST demands totaling ₹14.49 crore. The subsidiary plans to appeal the orders, citing strong legal grounds and a belief in a favorable outcome. The company stated these demands do not have a material financial impact.
While the company states the impact is not material, a tax demand of over ₹14 crore against a subsidiary could have implications if the appeals are unsuccessful, warranting a medium impact assessment.
The announcement details tax demands against a subsidiary, which is negative. However, the company states it has a strong case for appeal and the impact is not material, balancing the negative outlook.
Ananta Landmarks Private Limited, a wholly-owned subsidiary of Kalpataru Limited, has received two orders from the Joint Commissioner of State Tax (Appeals - VIII) imposing a total Goods and Services Tax (GST) demand of ₹14.18 crore for the period July 2017 to March 2018 and ₹30.68 lakh for FY 2018-19. These amounts include interest and penalties.
The first order, dated February 16, 2026, pertains to a demand of ₹14,18,18,852. The second order, also dated February 16, 2026, imposes a demand of ₹30,67,729. Both orders partially reject appeals filed by Ananta Landmarks Private Limited against previous demands.
The alleged violations include issues related to the Reverse Charge Mechanism on services provided by the Municipal Corporation, incorrect land abatement for flat cancellations, and excess claims of Input Tax Credit. The subsidiary plans to file further appeals against these orders, and based on legal and tax advisors' opinions, the company is hopeful for a favorable outcome. Kalpataru Limited has stated that these orders do not have a material financial impact on the parent company.
What to do with a filing like this
Kalpataru Limited filed this with the NSE as a statutory disclosure, categorised under litigation updates. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Kalpataru Limited. Read the original for the full detail.