Idea Cellular falls on Rs 3,900-cr tax demand report
IT department has slapped a Rs 3,900-crore tax notice on the company and its subsidiary over transfer of assets and licences.
Idea Cellular is trading lower by over 2% at Rs 101 in early morning deals on NSE on reports the Income Tax (IT) department has slapped a Rs 3,900-crore notice on company and its subsidiary, Aditya Birla Telecom, over transfer of assets and licences between the two companies in 2009.
“Idea Cellular said that it has received tax demands over a restructuring exercise approved by courts, but did not disclosed the amount or details of the case,” the Business Standard report suggests.
However, the company said it believed the demands were “unjustified and based on erroneous interpretation of current tax laws”, added report.
The stock opened at Rs 102 and has seen a combined 323,412 shares have changed hands on the counter on NSE and BSE.
“Idea Cellular said that it has received tax demands over a restructuring exercise approved by courts, but did not disclosed the amount or details of the case,” the Business Standard report suggests.
However, the company said it believed the demands were “unjustified and based on erroneous interpretation of current tax laws”, added report.
The stock opened at Rs 102 and has seen a combined 323,412 shares have changed hands on the counter on NSE and BSE.