India Glycols Ltd: Partial Upholding of Duty Demand by Appellate Authority Reduces Total Liability

India Glycols Ltd has received an order from the Appellate Authority, Commissioner (Appeals), Noida, Uttar Pradesh, partially upholding the Impugned Order of the Additional Commissioner, Noida Customs Commissionerate, Uttar Pradesh. The order confirms a duty paid shortfall of Rs. 33.43 crore along with applicable interest and imposes a penalty of Rs. 41 crores. However, the demand for a penalty of Rs. 41 crore and redemption fine of Rs. 191.76 crore has been set aside. The Company, which initially faced a total demand of over Rs. 267 crore, now has a reduced liability. The Company believes it has a strong case on merit and will file a second appeal against the confirmed demand of duty, interest, and penalty.