Chandrakant Birla-owned Orient Cement Ltd. has said it is not privy to any discussion, amid media reports of stake sale of the company to the Adani Group.
The cement maker will promptly comply with disclosure obligations "if and when the company becomes aware of any information/event warranting a disclosure", it said in a clarification.
The Karnataka-bench of the Authority for Advance Ruling (AAR) has ruled that businesses can claim input tax credit on items like gold coins and white goods procured for distribution to dealers as part of promotional schemes. The AAR stated that these items are not considered gifts as they are issued subject to certain conditions and stipulations.
Input tax credit can be availed on taxes paid for procurement of white goods or gold coins for the purpose of incentive to dealer as it is a supply, according to the Karnataka-bench of the AAR