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.
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