HomeStock MarketBombay High Court restraints ₹16,195 crore tax notice against Delta Corp

Bombay High Court restraints ₹16,195 crore tax notice against Delta Corp

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Delta Corp share fell despite reporting highest revenue Q2FY23
  1. Delta Corp, a gaming company, received a substantial tax notice of ₹16,195 crore from the Directorate General of GST Intelligence, Hyderabad. This amount is more than six times its overall market capitalization of ₹4,000 crore.
  2. The Bombay High Court, Goa Bench, has issued a directive to the Directorate General of GST Intelligence, Hyderabad, preventing them from passing final orders on the tax notice without prior permission from the court.
  3. In July 2023, Delta Corp faced a significant blow when the GST Council announced new tax rates that affected its core businesses, including casinos, horse racing, and online gaming.
  4. The Sikkim High Court, on October 20, ordered a maintenance of the status quo until the next hearing regarding the tax notices issued against Delta Corp.
SourceCNBC

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