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| Updated on December 08, 2016 Published on December 08, 2016

Shree Cement Ltd has informed BSE that the Divisional Bench of Honble Rajasthan High Court vide Judgement dated December 06, 2016 has allowed the appeal filed by Commercial Taxes Department/Finance Department of Govt. of Rajasthan against earlier favourable order of single member bench of Honble Rajasthan High Court in the matter of incentives granted to the Company for capital investment made in cement plants in the State of Rajasthan under Rajasthan Industrial Promotion Scheme-2003.

Vide the above Judgement of Honble High Court, the Companys entitlement towards Capital Subsidy for the entitled period stands revised from "up to 75% of Sales Tax / VAT" to "up to 50% of Sale Tax/ VAT". As a result, Company is liable to repay excess incentive granted of appox Rs. 86.46 Crore and interest thereon to the Commercial Taxes Department. In addition to above differential subsidy for the balance benefit period was accounted directly to the Capital Reserve and also was not received from Commercial Taxes Department.

Company shall prefer an appeal against the said Judgement before Honble Supreme Court of India.

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Source : BSE - >www.bseindia.com

Published on December 08, 2016
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