Greenply wins ITAT tax appeal; refund of Rs 17.88 crore upheld
GREENPLY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Greenply won a tax appeal at the ITAT Guwahati Bench, which dismissed the Income-tax department's challenge against a favorable CIT(A) order. The ruling upholds that excise duty exemption is a capital receipt for FY 2012-13. Greenply received a Rs 17.88 crore refund and Rs 7.87 crore interest, of which 50% was shared with Greenpanel Industries under their demerger agreement.
Confirms a favorable tax ruling at ITAT, locking in the Rs 17.88 crore refund plus interest for Greenply. Modestly positive for shareholders.