Order Received on Cenvat Credit Allegations: Penalty Reduced for Tata Teleservices (Maharashtra) Limited
Tata Teleservices (Maharashtra) Limited has received an order from the Commissioner, CGST & Central Excise Commissionerate regarding allegations of irregular Cenvat Credit availment during specific financial years. The authority passed an order under Section 73 of the Finance Act, 1994, reducing the penalty amount levied against the company while imposing tax and interest as applicable.The order addressed alleged irregularities in the availing of Cenvat Credit committed over the financial years from 2009-10 to 2011-12. The matter involves a significant financial impact, primarily concerning the levy of tax, interest, and penalty resulting from the directive.
According to the details provided regarding the action taken by the authority, the original penalty amount was reduced as follows:
| Particulars | Details |
|---|---|
| Original Penalty Amount | Rs. 36,14,39,671/- |
| Final Reduced Penalty Amount (including tax and interest) | Rs. 7,57,41,389/- |
The company has stated that it does not agree with the Order passed by the Commissioner, CGST & Central Excise Commissionerate. Tata Teleservices (Maharashtra) Limited plans to take appropriate action regarding this matter.
TTML Stock Price Movement
Tata Teleservices (Maharashtra) Limited shares slipped in post-market trading today, closing down 1.24% to settle at ₹42.99. The equity finished the session amidst a volume of 1.64 million shares as it closed its trading activity.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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