Tax Demand
11/04/2016 07:02
RNS Number : 7429U
Noida Toll Bridge Co. Ltd.
11 April 2016
Noida Toll Bridge Company Limited
("NTBCL" or the "Company")
Income Tax Demand
On 1 April 2016, the Company received a Tax Assessment Order from the Indian Tax Department ("Department") for the financial year ended 31 March 2014 along with a demand notice of Rs. 1.96bn (approximately 20.9m). As discussed at a Meeting of the Committee of Directors held on 8 April 2016, the Company is in the process of filing an appeal contesting the assessment made by the Assessing Officer, erroneously interpreting the provisions regarding designated return and allotment of land.
Based on legal advice received, the Company considers that the Department's assessment is without merit.
For further details please contact:
| Noida Toll Bridge Company Limited | |
| Harish Mathur | 00 91 120 2516380 |
| Cairn Financial Advisers LLP | |
| Nominated Adviser | |
| Sandy Jamieson, Emma Earl | 00 44 207 148 7900 |
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