Rishab Special Yarns has received the decision of Tribunal Excise Custom & Service Tax (CESTAT) on the demand of Rs 41,67,792 and an equal amount of penalty (total Rs 83.36 lakh) raised by Excise department. The judges have set aside the impugned order of Excise department and the appeal is allowed, with consequential relief. It means there is no contingent liability and the liability of interest on late payment will be adjusted from the amount of Rs 8,01,632 already deposited.
Rishab Special Yarns is engaged in the business of manufacturing and processing of Polyester Filament yarn. Its activities primarilly include Texturising, Twisting and Dyeing of Polyester Filament yarn.
