Noida Toll Bridge contests 'erroneous' tax bill

Noida Toll Bridge began contesting a sizeable, unexpected tax bill on Monday, after receiving its 2014 tax year assessment almost a fortnight prior.

The AIM-traded company had received a Tax Assessment Order from the Indian Tax Department for the year ended 31 March 2014 on 1 April this year.

Along with that came a demand notice for INR 1.96bn (£20.9m).

“As discussed at a meeting of the Committee of Directors held on 8 April 2016, the company is in the process of filing an appeal contesting the assessment made by the Assessing Officer, erroneously interpreting the provisions regarding designated return and allotment of land,” the board said in a statement.

Noida Toll Bridge said that, based on legal advice it had received, the department’s assessment was without merit.