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Continental Chemicals Ltd has won a service tax appeal at the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Allahabad. The case involved earlier service tax demands of about Rs. 5.26 lakh plus penalties of Rs. 5.31 lakh related to rental income for FY 2010-11 and reverse charge payments to foreign service providers from April 2010 to March 2013. The tribunal ruled that the original show cause notice was issued purely based on audit objections without any proper investigation, making it unsustainable in law. The company has confirmed that no penalty has been levied and there is no impact on its financial position.
Positive for shareholders — the company has cleared a long-pending tax litigation in its favor with no penalty or out-of-pocket financial impact. The ruling removes a potential liability overhang on the stock, though the absolute amounts involved were small.