Speciality Restaurants receives ₹1.8 Crore tax demand notice
Speciality Restaurants Limited received a Show Cause-cum-Demand Notice for ₹1.80 crore. The notice pertains to alleged short payment of tax and irregular ITC for FY21-22 to FY23-24. The company is evaluating the notice with tax advisors and will pursue legal remedies. No immediate financial impact is expected.
While the company states no immediate financial impact, a tax demand of ₹1.8 crore along with interest and penalty could have a medium-term impact on financials if not resolved favorably.
The company has received a significant tax demand notice which could lead to financial penalties and legal proceedings.
Speciality Restaurants Limited has received a Show Cause-cum-Demand Notice dated August 6, 2026, from the Office of the Commissioner of Central Tax, Kolkat a Audit -I CGST & CX Commissionerate. The notice concerns the alleged short payment of tax under Reverse Charge Mechanism (RCM) and irregular availment of Input Tax Credit (ITC) for the assessment period from the financial year 2021-22 to 2023-2024.
The total tax demanded aggregates to ₹1,80,43,529 (Rupees one crore eighty lakh forty three thousand five hundred twenty nine only). Additionally, the notice demands applicable interest under Section 50 of the CGST Act and a penalty equivalent to the tax amount under Section 74 of the CGST Act.
The company received the notice on August 11, 2026. Speciality Restaurants is currently in discussions with its tax advisors to evaluate the notice and intends to pursue available legal remedies. The company stated that there is no immediate impact on its financials, operations, or other activities.
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