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Elecon Engineering Co. Ltd. ( (IN:ELECON) ) has shared an announcement.
Elecon Engineering Company Limited has received a favourable order from the Office of the Deputy Commissioner of State Tax (Appeal), Vadodara, which approved the company’s appeal against an earlier order by the State Tax Officer related to the detention of a transport vehicle over missing documents under Section 129 of the CGST Act. The company had previously paid a disputed penalty of ₹14,01,764 to secure release of the vehicle, and while the refund of this amount is still pending, management has clarified that the latest ruling carries no adverse financial or operational implications, signalling a positive resolution of the tax litigation and removing a potential compliance overhang for stakeholders.
More about Elecon Engineering Co. Ltd.
Elecon Engineering Company Limited is an Indian engineering company listed on the BSE and NSE, operating in the industrial and capital goods space. It is engaged in designing and manufacturing engineering products and systems, serving sectors that rely on heavy machinery and engineered components across domestic and possibly export markets.
Average Trading Volume: 45,090
Technical Sentiment Signal: Hold
Current Market Cap: 111.7B INR
For an in-depth examination of ELECON stock, go to TipRanks’ Overview page.