An order for payment of Entry Tax on imported vehicle alonwith the Penalty and Interest from Assistant Commissioner (CT) Tirupur
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Velan Hotels Ltd has received an order from the Assistant Commissioner (CT), Tirupur, demanding payment of entry tax, penalty, and interest related to an Audi car imported in August 2006. The total demand is Rs. 28.67 lakh, broken down as Rs. 4.31 lakh entry tax, Rs. 4.31 lakh penalty, and Rs. 20.05 lakh interest accumulated from September 2006. The company believes the demand is not maintainable and is evaluating options including filing an appeal. Management has stated there is no material financial or operational impact on the company beyond the disputed amount.
Minor financial exposure of Rs. 28.67 lakh, which the company considers contestable and not material to its overall operations; appeal outcome will determine actual liability.