Subsidiary wins tax appeal; 1.22 crore penalty annulled
SOLARWORLD · price
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ZNShine Solarworld, the wholly-owned subsidiary, won its appeal before the Joint Commissioner (Appeal), State Tax, Uttarakhand. The Sept 23, 2026 order set aside the original Section 129(3) order. A penalty of Rs 1,22,12,498 (200% of IGST of Rs 61,06,249) has been annulled. The court held the goods were genuine imports and the E-Way Bill lapse was procedural, not tax evasion. Rs 12,21,250 deposited will be refunded. Vehicle and goods to be released.
Positive - penalty of Rs 1.22 crore quashed, deposit to be refunded, no adverse financial impact on the company.