WEP Solutions Receives Favorable Order; ₹4.25 Cr Demand Set Aside

WEP Solutions Ltd (WEPSOLN) has received a favorable order from the Customs, Central Excise and Service Tax Appellate Tribunal, Bangalore. The appellate order relates to a demand for service tax for the period April 2011 to June 2012 under the category of Supply of Tangible Goods. The order has set aside the entire demand comprising of service tax of ₹4,25,14,108 along with applicable interest and penalty. The amount is shown as a contingent liability in the company's financials. There is no impact on financial, operation or other activities of the listed entity.