Intimation under Reg. 30 (LODR) - Disclosure of material event
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Panchmahal Steel has disclosed that the Commissioner of CGST & Central Excise, Vadodara-II has filed two appeals (Tax Appeal No. 739 and 656) before the Gujarat High Court against a favorable order passed by CESTAT on 8 December 2023. The dispute pertains to the disallowance of CENVAT Credit availed on raw materials. The total disputed amount across both cases is approximately Rs. 14.74 crore (Rs. 8.41 crore + Rs. 6.33 crore), inclusive of penalties. The company believes it has a strong case for a favorable outcome based on similar past judgments and the existing CESTAT ruling in its favor.
While the disputed amount (~Rs. 14.74 crore) is significant, the company already won at CESTAT, and the tax department is now challenging that win. There is no immediate cash outflow, but an adverse ruling could materially impact financials and sentiment.