Indian Railway Finance Corporation Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
IRFC · price
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The Madras High Court has ruled in favour of IRFC by allowing its writ petitions and setting aside the earlier GST demand order dated 4 December 2024 for an aggregate amount of Rs. 230.55 crore raised by the Assistant Commissioner (ST). The matter has been remanded back to the tax authorities for fresh consideration, with the company given four weeks to submit its reply and supporting documents. After receiving the reply, the respondent must issue a 14-day clear notice for personal hearing and then pass appropriate orders. The writ petition has been disposed of with no costs imposed on either side. This is a positive development as the original Rs. 230.55 crore demand has been effectively quashed, though the final outcome will depend on the fresh proceedings.
Positive for shareholders — the Rs. 230.55 crore GST demand has been set aside by the High Court, removing an immediate financial liability concern. However, the matter is remanded for fresh consideration, so some uncertainty remains until the new proceedings are concluded.