After reports that Radico Khaitan evaded the tax of Rs 1,078 crore, including interest of Rs 482 crore, during the period of 2013-14 to 2019-20, the liquor manufacturing company said that there was lack of accuracy in the information. Radico Khaitan refuted the media reports, adding that the company has complied with all legal requirements including revenue laws of the country.
“In this regard, we wish to submit that Radico Khaitan has complied with all legal requirements including revenue laws of the country. We have not received any notice of any irregularity in the matter. Henceforth, we find lack of accuracy in the information presented in these media articles,” it said in a regulatory filing. Earlier, reports said that the Comptroller and Auditor General (CAG) of India has allegedly pulled the company up over underpayment of excise duty by the firm.
According to media reports, the CAG of India, in its audit report, had stated that the tax evasion to the tune of Rs 1078.09 crore by the company was found during the examination of records of consumption figures of molasses, grain and barley malt and income tax returns.
After comparing the consumption figures of molasses, grain and barley malt submitted by the assessee through statutory returns to the income tax department with the respective quantities depicted in the records of the Assistant Excise Commissioner (AEC), Lucknow, Radico Khaitan, the CAG noticed variations in the quantities disclosed in the records/returns submitted to the income tax department with those available in the Lucknow-based excise department of Uttar Pradesh.
