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World
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| India tobacco firm wins tax case10 September 2004 15 3 Source »»»ITC's lawyer Rajan Narain told reporters that the tax authorities had 30 days to appeal against this ruling. The Calcutta firm, which makes two out of every three cigarettes made in India, was accused of evading excise duties for four years from 1983. ITC's shares rose 3.2% on news of the court's decision. Refund The tax authorities claimed ITC had sold tobacco at a higher price than that stated on the packaging, making it liable for more excise duties. Their 8bn-rupee claim included fines for non-payment. Now, ITC has said it will apply for a refund of the 3.5bn rupees it paid following the tax demand. Mr Narain said the company could also apply for interest on that payment. |
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