Hitachi Energy India Limited has informed the Exchange about Action(s) taken or orders passed
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Hitachi Energy India has received an order from the Joint Commissioner of CGST & CE, Vadodara-I, demanding recovery of an export refund that was allegedly sanctioned in error for October 2020 to June 2021. The reason cited is that E-BRC/FIRC documents were not produced at the time of filing the refund application. The total demand is Rs 22.97 crore in tax plus Rs 2.30 crore in penalty, amounting to roughly Rs 25.27 crore. The company has stated that it believes the demand is arbitrary, unjustified, and unsustainable in law. It plans to file an appeal with the Appellate Authority within the permissible timeline.
The demand represents a contingent liability of around Rs 25.27 crore which the company intends to contest. The stock may see short-term pressure due to the tax dispute, but since the company is appealing and considers the demand legally weak, the long-term impact depends on the outcome of the appeal.