The apex court also directed NTPC to deposit Rs. 40 crore towards entry tax with the state high court.
The Supreme Court on Monday asked the Madhya Pradesh government to defreeze NTPC’s bank accounts and withdraw its notice to cancel registration of its 4,760-megawatt (MW) Vindhyachal Super Thermal Power Plant in the state, reports a financial newspaper.
The apex court also directed NTPC to deposit INR 40 crore towards entry tax with the state high court.
A bench headed by justice Dipak Misra also asked the Madhya Pradesh High Court to decide the matter expeditiously within 3 months. However, it clarified that it has not expressed any opinion on the merits of the case.
The state tax department has alleged that NTPC is liable to pay entry tax of INR 191 crore for the assessment years 2007-2013, according to the business daily.
NTPC's counsel Ranjit Kumar argued that the company is entitled to exemption in entry tax and the department cannot ask it to pay enhanced entry tax at the rate of 5%.
NTPC Ltd ended at Rs. 123.2, down by Rs. 1.5 or 1.2% from its previous closing of Rs. 124.7 on the BSE.
The scrip opened at Rs. 124.3 and touched a high and low of Rs. 125.95 and Rs. 122.95 respectively. A total of 2369662(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 101584.07 crore.
The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 164.7 on 12-Mar-2015 and a 52 week low of Rs. 107.2 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 140.35 and Rs. 122.95 respectively.
The promoters holding in the company stood at 74.96 % while Institutions and Non-Institutions held 22.77 % and 2.28 % respectively.
The stock traded above its 50 DMA.
He also told the apex court that NTPC is liable to pay the entry tax at 2%.
The state government had issued various reassessment orders in May 2014 and January 2015 for the assessment years 2007-2013, for the levy of entry tax at the enhanced rate of 5%, rather than the exempted rate of 2%.
This was challenged by NTPC in the high court, which initially in March 2015 restrained the state tax authorities from taking any coercive steps against NTPC, but later vacated its order.
The apex court also directed NTPC to deposit INR 40 crore towards entry tax with the state high court.
A bench headed by justice Dipak Misra also asked the Madhya Pradesh High Court to decide the matter expeditiously within 3 months. However, it clarified that it has not expressed any opinion on the merits of the case.
The state tax department has alleged that NTPC is liable to pay entry tax of INR 191 crore for the assessment years 2007-2013, according to the business daily.
NTPC's counsel Ranjit Kumar argued that the company is entitled to exemption in entry tax and the department cannot ask it to pay enhanced entry tax at the rate of 5%.
NTPC Ltd ended at Rs. 123.2, down by Rs. 1.5 or 1.2% from its previous closing of Rs. 124.7 on the BSE.
The scrip opened at Rs. 124.3 and touched a high and low of Rs. 125.95 and Rs. 122.95 respectively. A total of 2369662(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 101584.07 crore.
The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 164.7 on 12-Mar-2015 and a 52 week low of Rs. 107.2 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 140.35 and Rs. 122.95 respectively.
The promoters holding in the company stood at 74.96 % while Institutions and Non-Institutions held 22.77 % and 2.28 % respectively.
The stock traded above its 50 DMA.
He also told the apex court that NTPC is liable to pay the entry tax at 2%.
The state government had issued various reassessment orders in May 2014 and January 2015 for the assessment years 2007-2013, for the levy of entry tax at the enhanced rate of 5%, rather than the exempted rate of 2%.
This was challenged by NTPC in the high court, which initially in March 2015 restrained the state tax authorities from taking any coercive steps against NTPC, but later vacated its order.
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