Legal21 Aug 2024, 01:00 am
Bombay High Court Quashes Service Tax Demand of Rs. 2,237 Crore on LARSEN & TOUBRO LTD.
AI Summary
LARSEN & TOUBRO LTD. has received an order from the Bombay High Court, allowing its Writ petition and quashing a show cause notice issued by the Principal Commissioner of GST and Service Tax, Mumbai. The notice was towards a Service tax demand of Rs. 2,237 crore on an erstwhile subsidiary, in respect of Tax already paid by the Company with respect to certain transactions undertaken post demerger. This order comes further to the Company's intimation dated August 14, 2023, reporting of pending material litigations as required under Regulation 30(4) of SEBI LODR.
Key Highlights
- Bombay High Court allows Writ Petition filed by LARSEN & TOUBRO LTD.
- Show cause notice issued by GST authorities quashed and set aside.
- Service tax demand of Rs. 2,237 crore on an erstwhile subsidiary disputed.
- Tax already paid by the Company with respect to certain transactions post demerger.
- Order comes further to the Company's intimation dated August 14, 2023.