Flair Writing Industries gets Tax Notices for excess ITC Claims:

Flair Writing Industries gets Tax Notices for excess ITC Claims Flair Writing Industries Limited (FWIL) announced that it has received two show-cause notices from the Office of the Assistant Commissioner of State Tax, Valsad, relating to excess input tax credit (ITC) claims for the financial year 2020-2021. The notices, issued under Section 73 of the CGST Act, allege tax irregularities of around Rs.1.86 crore. The first notice demands Rs.1,84,13,322 in tax, interest, and penalties. The second notice, for Rs.1,51,946, was issued to Flair Distributor Private Limited, which amalgamated with FWIL in February 2023. FWIL claimed that it will defend the notices on "strong merits" and does not expect any major impact on its financials or operations. FWIL management claims that the potential impact will be limited to the total tax liability, including interest and penalties, as decided by the authorities. The shares of Flair Writing Industries Limited (FWIL) were trading at Rs.297, up Rs.1.40 or 0.47% on the NSE today.