Escorts Kubota Faces Over ₹14 Crore Penalty From Customs Authority, Shares Dip 1.19%

Escorts Kubota Faces Over ₹14 Crore Penalty From Customs Authority, Shares Dip 1.19%

"The Company intends to file an appeal against the order of Commissioner of Customs (Adjudication), Delhi Zone," the company added in the exchange filing.

Oliviya KunjumonUpdated: Tuesday, June 25, 2024, 03:58 PM IST
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Escorts Kubota Faces Over ₹14 Crore Penalty From Customs Authority, Shares Dip 1.19% | Wikipedia

Escorts Kubota Limited, the farm and construction equipment firm on Tuesday, June 25, through a regulatory filling announced that the company has been recently subjected to substantial penalties by the Deputy Commissioner of State Tax, Bihar, and the Commissioner of Customs (Adjudication), Delhi Zone of over Rs 14 crore.

"The Company intends to file an appeal against the order of Commissioner of Customs (Adjudication), Delhi Zone," the company added in the exchange filing.

Share performance

The shares of the company today declined by 1.19 per cent, closing at Rs 4,199.00 per cent.

Tax Penalty by Bihar Authorities

The Deputy Commissioner of State Tax, Bihar has confirmed a penalty of Rs 3,74,301 and this penalty arises from issues related to the computation of turnover, disallowance of discounts, and sales returns. Furthermore, the department have adjusted Rs 2,88,113 against the said penalty.

Customs Demand and Penalty

In a separate action, the Commissioner of Customs (Adjudication) in the Delhi Zone has confirmed a demand for Rs 4,42,10,867 along with applicable interest and an additional penalty of Rs 9,87,10,867 and this penalty is related to valuation issues on imported goods.

However, the Company intends to file an appeal against the said order, the company added in the regulatory filing.

Event Timeline

The events took place on June 24, 2024, with the respective times being 01:00 PM for the tax penalty and 05:00 PM for the customs demand.

Escorts Kubota Limited received the directions and orders on June 24, 2024.

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