IRB Infrastructure Developers has dipped 4% at Rs 120 in opening deals after the company said that it has received service tax demand notice aggregating to Rs 60 crore.
“On September 10, 2012, the company has received order/s passed by the Commissioner of Service Tax, Mumbai, which has raised demand aggregating to Rs 60.46 crore, including penalty and interest,” IRB Infra said in a filing. The demand is on account of service tax payable on toll collected by some of our subsidiaries viz. Ideal Road Builders Pvt. Ltd, IDAA Infrastructure Pvt. Ltd, and ATR Infrastructure Pvt. Ltd., for FY06-07 to FY10-11, it added.
The infrastructure company will file an appeal against these orders before the competent authority to seek relief as it believes that the demand is erroneous, the company said. A combined 223,484 shares have changed hands on the counter in opening deals on both the exchanges.
