Ambuja Cements files special leave petition on tax incentives

Bya897204973

Updated Thu, 25 Dec 2014 13:59:21 GMT

Mumbai: Ambuja Cements Ltd on Tuesday said that it has filed a special leave petition on tax incentives with the Supreme Court of . The cement maker has filed the petition challenging an order by the Rajasthan high court. The order demanded Ambuja to pay Rs.248 crore, when the Rajasthan high court rejected the firm’s claim of availing sales tax incentives under a Board of Industrial and Financial Reconstruction (BIFR) order. In a filing to the exchanges, the company said that it had availed the incentives under the incentive scheme of the Rajasthan state for the period of fiscal 2002 to fiscal 2009. The assistant commissioner of commercial taxes department, Rajasthan had issued the demand notice for Rs.248 crore, by rejecting the company’s claim of availing sales tax incentives under the BIFR order. Ambuja had then filed a writ petition in the Jodhpur bench of the Rajasthan high court challenging the notice, which was dismissed in an order on 19 December. The incentives were pursuant to an order passed by BIFR while sanctioning the scheme of rehabilitation of Ambuja Cements Rajasthan Ltd, the company added. Ambuja Cements Rajasthan was later merged with the parent company. Shares of Ambuja Cement fell 0.22% to Rs.227.85 on BSE, while the exchange’s benchmark Sensex fell 0.71% to 27,506.46 points.