Endurance Technologies: ₹12 Cr Tax Dispute Resolved, ₹0.32 Cr Demand Confirmed

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AuthorRiya Kapoor|Published at:
Endurance Technologies: ₹12 Cr Tax Dispute Resolved, ₹0.32 Cr Demand Confirmed
Overview

Endurance Technologies secured a win in a tax dispute, with Uttarakhand authorities dropping ₹12.07 crore. A ₹0.32 crore demand for FY 2021-22 was confirmed, which the company deems minor and plans to appeal.

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Endurance Technologies has received a tax demand order from Uttarakhand authorities for FY 2021-22, confirming ₹0.32 crore. This total liability comprises ₹17.72 lakh in tax, ₹12.80 lakh in interest, and ₹1.97 lakh in penalty.

The company secured a significant win in the dispute, as ₹12.07 crore of the earlier ₹12.39 crore amount was dropped by tax authorities.

Endurance Technologies stated that the confirmed ₹0.32 crore demand is immaterial to its financial position and operations. The company plans to appeal this specific confirmed amount.

In the broader automotive ancillary sector, Endurance Technologies operates among key global players like Motherson Sumi Systems Ltd and Bosch Ltd, known for extensive product portfolios, and Varroc Engineering Ltd, focusing on lighting and polymer components. Endurance Technologies itself is a prominent Indian manufacturer of automotive components, primarily serving the two-wheeler and three-wheeler segments, with international operations producing components for European automotive applications.

The company will now proceed with its appeal against the confirmed ₹0.32 crore demand. Management's assertion of the amount's immateriality signals confidence in navigating tax litigation.

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