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.
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