Bengaluru-based Sobha Ltd gets ₹46 crore income tax demand notices; company to file appeal

Sobha Ltd is in the process of evaluating the implications of these orders on the financial statements, the real estate firm said in a regulatory filing

Published on: Apr 2, 2024, 12:07:45 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Listed real estate firm Sobha Ltd has received demand notices of nearly ₹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.

Listed real estate firm Sobha Ltd has received demand notices of nearly ₹46 crore from the Income Tax Department. (HT file photo. Representative image)

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.

Also Read: Chintels transfers rights of two land parcels in Gurgaon to Sobha Ltd valued at ₹121 crore

“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.

Also Read: Net debt of top 8 listed realty firms dip 43% to ₹23,000 cr in last 3 yrs: Report

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Real Estate News

Stay updated with the latest Real Estate News, property prices, housing trends and major projects. Explore market updates, investment insights and property developments across India.