Arvind Fashions Receives Rs 5.41 Crore Tax Demand from Central Tax Authority

Arvind Fashions Limited received a Rs 5,40,75,947 tax demand from Joint Commissioner of Central Tax for ITC disallowance covering assessment years 2019-20 and 2020-21. The company faces an additional penalty of equal amount and interest charges under CGST Act provisions. Arvind Fashions plans to challenge the order through appropriate legal forums and expects no financial impact, citing adequate grounds to substantiate its position.