Elecon Engineering Company Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
ELECON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Elecon Engineering has informed the exchange about an update in an ongoing GST dispute with the West Bengal GST Department. In March 2024, the company received an adjudication order regarding Input Tax Credit (ITC) of Rs. 15.97 lakhs for FY 2018-19. The company appealed, and the Appellate Authority, through its order dated 19 June 2024, reduced the disputed amount to Rs. 8.45 lakhs. The company now intends to file a further appeal against this revised order. The exact financial impact cannot be assessed at this stage as the appeal is still pending.
The appellate authority has given partial relief to the company by cutting the disputed amount nearly in half. However, the matter is still open and the company plans to appeal further. Given the small amount involved (under Rs. 9 lakhs), the financial impact on the company is negligible and unlikely to move the stock price.