Realty firm Sobha Ltd has been served with demand notices totaling nearly Rs 46 crore by the Income Tax Department. These notices, related to Assessment Years (AY) 2016-17 and 2022-23, were issued by the Deputy Commissioner of Income Tax, Central Circle-1(4), Bengaluru.
In a regulatory filing, Sobha disclosed that the demand notices under section 156 of the Income Tax Act, 1961, amount to Rs 13.12 crore and Rs 32.68 crore for AY 2016-17 and AY 2022-23, respectively. These demands stem from disallowances of certain expenses and other additions.
Sobha stated its intention to file an appeal before the Commissioner of Income Tax (Appeals) against these orders within the stipulated timelines. The company asserts that it possesses both legal and factual grounds to support its case and is evaluating the implications of these orders on its financial statements.
Despite the notices, Sobha clarified that there is no impact on its operations or other activities.
Sobha Ltd, headquartered in Bengaluru, is a prominent real estate firm operating across the country.
Sources Of Information: Moneycontrol
