Sobha project bangalore has provided in its official filing an analysis of how these decisions have affected its financial statements.
Sobha project bangalore a listed real estate company headquartered in Bengaluru, recently received demand notices totalling more than Rs46 crore from the Income Tax Department. Sobha Ltd announced that they are working on appealing and challenging these orders within their designated timelines before appealing to Commissioner of Income Tax (Appeals).
Income Tax Deputy Commissioner in Bengaluru issued notices regarding Assessment Years 2016-17 and 2022-23.
“We have been issued demand letters under Section 156 of Tax Act 1961 for tax years 2016-17 and 2022-23 due to expenses allowances and additional expenditure,” according to regulatory filings by the company.
“The Company intends to file an appeal before the Commissioner of Income Tax (Appeals) within the prescribed timelines,” according to its announcement.
“The Company believes its case to be sound on legal and factual grounds, and is currently reviewing their implications on financial statements; there will be no adverse effect on operations or other activities,” stated the company.
