Larsen & Toubro wins ₹702 Crore customs case

9 Dec 2024 , 07:27 AM

Larsen and Toubro (L&T) has successfully overturned a ₹702 Crore customs duty demand after receiving a favorable verdict from the Central Excise & Service Tax Appellate Tribunal in Ahmedabad.

The company stated that the demand originated from a previous order issued by the Principal Commissioner of Customs in Ahmedabad, which denied the company customs duty exemptions. L&T filed an appeal with the tribunal, appealing the order. On December 5, 2024, the panel found in favor of L&T, upholding the appeal and setting aside the full demand.

Larsen and Toubro said that the company logged a 5.4% YoY rise in net profit to ₹3,395.3 Crore for the second quarter ended September 30, 2024. The company reported a net profit of ₹3,223 Crore in the previous resporting period, according to a regulatory filing. 

The revenue from operations of the company jumped by 20.6% to ₹61,554.6 Crore, against ₹51,024 Crore in the previous corresponding quarter.

Larsen & Toubro announced in a regulatory filing that the company received a favorable ruling from the Tribunal on December 5, 2024, accepting the Company’s appeal and setting aside the entire claim.

The company filed an appeal with the Central Excise & Service Tax Appellate Tribunal, Ahmedabad (‘Tribunal’) against the order ‘made by the Principal Commissioner of Customs, Ahmedabad towards Customs demand of ₹702 Crore, in respect of the denial of customs duty exemption, it added.

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