Sub: Intimation under Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015
Dear Sir,
In pursuant to the requirements of the aforesaid regulation(s), we hereby wish to inform you that in the matter of M/s. Thermax Limited Vs. Commissioner of CGST & CE, Pune - I,the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai Bench, has allowed the appeal of the Company bysetting aside the demands made for Excise Duty under Section 4 of Central Excise Act, 1944 on bought out items supplied to customer along with goods manufactured i.e. Boilers, by the Company.
The Company including its group companies had received demand notices from the Excise department during earlier years for Rs. 1,381.55 crores (including penalty but excluding interest). These demands are of excise duty payable on inclusion of the cost of bought out items in the assessable value of certain products manufactured, though such duty paid bought items were directly dispatched by the manufacturers thereof to the ultimate customer, without being received in the factories. The Company had filed an appeal against the same before CESTAT, Mumbai. CESTAT has allowed the appeal and passed an orderin favor of the Company which was received on December 13, 2022. The said order is appealable before the appellate authority. There is no financial impact on the Company due to the said order.
You are requested to kindly take note of the same.
Thanking you,
Yours faithfully,
For THERMAX LIMITED,
KHELE JANHAVI KISHOR
Digitally signed by
KHELE JANHAVI KISHOR
Date: 2022.12.14 17:45:16 +05'30'
Janhavi Khele
Company Secretary Membership No: A20601
Attachments
Original Link
Original Document
Permalink
Disclaimer
Thermax Limited published this content on 14 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2022 12:55:02 UTC.
Thermax Limited. is an India-based company. The Company offers integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals. It operates in four segments: Industrial Products, Industrial Infra, Green Solutions, and Chemical. The Industrial Products segment supplies packaged boilers and fired heaters, besides turnkey solutions for process heating, through a range of heating media, such as steam, thermic fluid, hot water, and hot air. The Industrial Infra segment covers its Projects and Energy Solutions and Thermax Babcock & Wilcox Energy Solutions businesses. The Green Solutions segment includes Thermax Onsite Energy Solutions Limited, which provides green utilities, such as steam, heat, treated water, chilled water, and cogeneration power, along with other utilities. The Chemical segment manufactures and markets a range of specialty chemicals to help improve processes and water use across various industries.
THERMAX LIMITED 
