Favourable tax appeal order: demand of about Rs 1.79 crore set aside
ZFCVINDIA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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ZF Commercial Vehicle Control Systems India (formerly WABCO India) received a favourable order from the Commissioner (Appeals), setting aside a demand of Rs 1,79,04,715 (IGST) and penalty of Rs 17,90,472 originally raised by the CGST office in Jamshedpur for FY 2020-21. The dispute was about alleged excess Input Tax Credit availed. The company demonstrated with documentary evidence that there was no excess claim. Proceedings against the company have been dropped. No material financial impact expected.
Positive - tax demand of about Rs 1.97 crore and penalty fully set aside, no material impact on financials or operations.