Panchmahal Steel Reports Outcomes of Tax Appeals Regarding Input Tax Credit Disallowance
Panchmahal Steel Ltd has received orders from the Deputy Commissioner of State Tax, Appeal-5 in Vadodara concerning appeals related to the disallowance of Input Tax Credit under Sections 73 and 74 of the CGST/SGST Act, 2017. Both orders were received by the company on July 13, 2026.The disputes relate to the disallowance of Input Tax Credit during a specified tax period spanning from July 1, 2017, to March 31, 2018. The outcomes for the two appeals are detailed below.
Appeal Outcomes and Financial Details
The company's appeal against an order issued under Section 73 of the CGST/SGST Act, 2017 was partially allowed by the authority. Separately, a challenge concerning an order under Section 74 of the CGST/SGST Act, 2017 has been rejected.The key figures related to both cases are summarized in the table below:
| Appeal Details (ARN) | Basis of Dispute | Outcome Status | Total Demand | Relief Given | Pending Demand |
|---|---|---|---|---|---|
| AD240324058081I dtd. 14.03.2024 | Order under Section 73 of CGST/SGST Act, 2017 | Partially Allowed | Rs. 79,18,336/- | Rs. 76,92,015/- | Rs. 2,26,321/- |
| AD240722008501M dtd. 22.07.2022 | Order under Section 74 of CGST/SGST Act, 2017 | Rejected | Rs. 31,62,776/- | Nil | Rs. 31,62,776/- |
Operational and Financial Impact
The company stated that there is no material impact on the financials, operations, or other activities resulting from these tax proceedings. Panchmahal Steel Ltd noted that both orders are appealable and the company is currently reviewing both decisions to evaluate subsequent steps in the matter.Stock Price Movement
Panchmahal Steel Ltd settled on Tuesday at ₹294.75, seeing its shares sink by 1.55%.The stock experienced significant intraday movement, trading between a low of ₹282.35 and a high of ₹295.15.
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