Speciality Restaurants: Tax Tribunal Dismisses VAT Rectification Petitions

Speciality Restaurants Ltd has announced that the Tamil Nadu Sales Tax Appellate Tribunal has dismissed its miscellaneous petitions seeking rectification of earlier orders concerning the levy of value added tax on food and non-alcoholic beverages for assessment years 2006-07 to 2008-09. The Tribunal found no error apparent on the face of the record. The company had deposited ₹1,71,68,672/- related to this matter. As the amount is already deposited, the order has no cash flow impact. The financial impact is limited to the deposited amount. The company is evaluating legal remedies with its tax advisors. The order does not impact operations.