Chalet Hotels Limited to Pay Rs. 8.88 Crore Disputed Property Tax After Court Ruling
Chalet Hotels Limited reported that an attempt to challenge the revised Property Tax rates for its Bengaluru unit has been dismissed by the Karnataka High Court. The ruling mandates the Company to pay the disputed tax amount, which is working out to approximately Rs. 8.88 crore.The dispute involved the property tax rates pertaining to the Bengaluru Marriott Hotel Whitefield in Bengaluru. The Hon'ble High Court of Karnataka dismissed a Writ Petition filed by the Company, determining that the revision in the Property Tax rates accurately factors in escalation as stipulated by law.
While the payment of the disputed tax represents a financial commitment, Chalet Hotels Limited affirmed that the company's overall business operations and financials are not impacted by the court's decision.
CHALET Stock Price Movement
Shares of Chalet Hotels Limited slipped by 1.84% on Friday, closing at ₹759.5. The equity saw activity on a volume of 56,145 shares.Source:
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