The two denominations of currency notes will continue to be accepted in some places until November 11.
The case is linked to payment of the amount for 11,000 square metres of land leased by the airport operator to the hotel chain near Mumbai airport.
“This is certainly going to impact the near and midterm plans of inbound travellers coming to the country,” said Sharat Dhall, president of travel portal Yatra.com.
The IHCL board is meeting on Friday to consider the September quarter results and Cyrus Mistry will chair the meeting.
All that the council has come up with are different tax slabs and it is a bit premature to comment on the impact on the luxury sector.
The company's net sales during the period under review stood at Rs 272.56 crore compared to Rs 299.10 crore in the same period last year, a decline of 8.87%.
According to estimates shared by research firm Euromonitor with ET, overall retail value sales of luxury goods in India dropped to 21.7% in 2016 from 24.5% in 2015.
The Taj Mahal Hotel, owned by the NDMC, was given to IHCL in 1978 on a lease of 33 years. Ever since the lease lapsed in 2011, IHCL has been running the hotel on a series of temporary extensions.
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In the first half of the fiscal year, total income stood at Rs 515.4 crore as against Rs 470.8 crore in the same period last year, a 9.5% increase year on year.
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