Legal19 May 2026, 04:26 pm
Paradeep Phosphates NCLAT Rejects Entry Tax Exemption Appeal
AI Summary
The National Company Law Appellate Tribunal (NCLAT) rejected Paradeep Phosphates Ltd's appeal for Entry Tax exemption in Odisha under a BIFR-sanctioned rehabilitation scheme. The order, dated May 18, 2026, was published on the NCLAT website on the same day. The litigation pertains to the company’s claim for exemption/remission from Entry Tax under the rehabilitation scheme sanctioned from 2007 to 2014. The company has already provided for the liability and deposited ₹26 crore under protest against a total demand of ₹76 crore. The company plans to appeal the order in the Supreme Court.
Key Highlights
- NCLAT rejected Paradeep Phosphates' appeal for Entry Tax exemption.
- The appeal relates to a claim for exemption under a BIFR-sanctioned scheme from 2007-2014.
- Company has already provided for the liability and deposited ₹26 crore.
- Paradeep Phosphates plans to appeal the NCLAT order in the Supreme Court.
- No material impact on the company's financials is expected currently.
Price Impact
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