Tax & Penalty1 Oct 2026, 04:16 pm
Hi-Tech Gears Faces ₹1.16 Cr Drawback Demand & Penalty
AI Summary
The Hi-Tech Gears Ltd has received an order from the Office of the Deputy/Assistant Commissioner of Customs regarding drawbacks and RoDTEP amounts. The order involves dropping demand of drawbacks totaling ₹73,78,166/- and RoDTEP of ₹43,37,246/-. Additionally, it disallows drawback of ₹13,58,140/- and RoDTEP of ₹8,76,568/-, with a recovery of applicable interest & penalty of ₹1,00,000/-. The company is considering an appeal against the disallowance and penalty, hoping for further relief. The alleged contravention is short or delayed realization of export proceeds. The company states there is no material impact on its financial or operational activities.
Key Highlights
- Customs order impacts drawbacks and RoDTEP amounts.
- Total disallowed amount is ₹22,34,708 with ₹1 Lakh penalty.
- Company plans to appeal against the disallowance and penalty.
- Alleged violation relates to export proceeds realization.
- No material financial or operational impact stated by the company.
Price Impact
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