Sun Pharma Advanced Research wins ₹28 crore CENVAT credit refund case in CESTAT
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Sun Pharma Advanced Research Company won a case for a ₹27.51 crore CENVAT credit refund on Sunday (October 4).
- ✓The Mumbai tribunal dismissed the Revenue's appeal, confirming the company’s entitlement to the funds plus interest.
- ✓This decision finally settled the long-standing litigation that the firm first disclosed on August 14, 2023.
Story at a Glance
- Category
- BUSINESS
- Reported By
- CNBC TV18
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
On Friday (October 1), shares of Sun Pharma Advanced Research Company Ltd ended at ₹194.90, down by ₹2.30, or 1.17%, on the BSE.
Sun Pharma Advanced Research Company Ltd(SPARC) on Sunday (October 4) said the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai, has upheld an earlier order in favour of the company and confirmed its entitlement to a refund of accumulated CENVAT credit worth ₹27.51 crore, along with consequential interest, where applicable.
The tribunal dismissed the Revenue's appeal, bringing the litigation disclosed by the company before CESTAT to a decision in SPARC's favour. The company said the tribunal upheld the Order-in-Appeal dated April 27, 2018, which was passed in favour of SPARC.
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