The Punjab & Haryana High Court has dismissed an appeal by the Central Excise Department against an order that quashed a tax demand of Rs 46.9 crore against Escorts Kubota Ltd.
The Customs Excise and Service Tax Appellate Tribunal had quashed the tax demand related to inter-unit transfers of goods under common excise registration, according to an exchange filing on Friday.
Earlier, Escorts Kubota Finance, a wholly owned subsidiary of the company, had received a certificate of registration from the Reserve Bank of India to begin operations as a non-banking financial institution that does not accept public deposits.
On Aug. 16, Escorts Kubota submitted an investment proposal to the Uttar Pradesh government to acquire land for establishing a greenfield facility. The company plans to invest Rs 4,500 crore through direct and indirect investments in several phases.
Shares of Escorts Kubota closed 0.54% lower at Rs 4,328 apiece on the NSE, compared to a 0.14% fall in the benchmark Nifty. The stock has risen 30.36% in the last 12 months and 45.08% on a year-to-date basis.
RECOMMENDED FOR YOU
Karnataka High Court Grants Interim Relief To Ola, Uber, Others On GST Liability
Sep 27, 2024
SAP Labs India To Build Custom AI And Multi-Agent AI
Sep 24, 2024
Bombay High Court Denies Hearing Hindustan Unilever's Challenge Against Tax Demand On Horlicks Acquisition
Sep 24, 2024
Delhi High Court Rules In Favour Of Microsoft, Sumitomo Over Tax Department's Lapses
Sep 03, 2024
POPULAR