Listed real estate firm Sobha Ltd has received demand notices of nearly Rs.46 crore from the Income Tax Department. The Bengaluru-based company said that it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), against the orders within the prescribed timelines.
The notices were issued by the Deputy Commissioner of Income Tax, Bengaluru. The notices are related to Assessment Year ( AY) 2016-17 and 2022-23.
“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,” the company informed in a regulatory filing.
“The Company is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), against the said orders within the prescribed timelines,” it said.
“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. There is no impact on operations or other activities,” the company added.
Source: Hindustan Times
