Sobha Ltd Faces Rs 46 cr Income Tax Demand: Appeal Filed
By Rediff Money Desk, NEWDELHI Apr 02, 2024 10:54
Real estate firm Sobha Ltd received income tax demand notices of Rs 46 crore for AY 2016-17 & 2022-23. The company will appeal the orders.
![Sobha Ltd Faces Rs 46 cr Income Tax Demand: Appeal Filed](https://im.rediff.com/money/2021/feb/09realty.jpg)
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Apr 2 (PTI) Realty firm Sobha Ltd has received demand notices of nearly Rs 46 crore from Income Tax Department.
The notices were issued by Deputy Commissioner of Income Tax, Central Circle- 1(4), Bengaluru. The notices are related to Assessment Year ( AY) 2016-17 and 2022-23.
In a regulatory filing on Monday, Sobha informed that the "company has received demand notices under section 156 of the Income Tax Act, 1961 for Rs 13.12 crore and Rs 32.68 crore related to AY 2016-17 and AY 2022-23 respectively, due to disallowances of certain expenses and other additions."
Sobha said it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), against the said orders within the prescribed timelines.
"The company has legal and factual grounds to substantiate its case. The company is in the process of evaluating the implications of these orders on the financial statements," Sobha said.
There is no impact on operations or other activities, it added.
Bengaluru-based Sobha Ltd is one of the leading real estate firms in the country.
The notices were issued by Deputy Commissioner of Income Tax, Central Circle- 1(4), Bengaluru. The notices are related to Assessment Year ( AY) 2016-17 and 2022-23.
In a regulatory filing on Monday, Sobha informed that the "company has received demand notices under section 156 of the Income Tax Act, 1961 for Rs 13.12 crore and Rs 32.68 crore related to AY 2016-17 and AY 2022-23 respectively, due to disallowances of certain expenses and other additions."
Sobha said it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), against the said orders within the prescribed timelines.
"The company has legal and factual grounds to substantiate its case. The company is in the process of evaluating the implications of these orders on the financial statements," Sobha said.
There is no impact on operations or other activities, it added.
Bengaluru-based Sobha Ltd is one of the leading real estate firms in the country.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...