Sobha Ltd, a realty firm based in Bengaluru, has been served demand notices totaling nearly Rs 46 crore by the Income Tax Department.
The notices, issued by the Deputy Commissioner of Income Tax, Central Circle-1(4), Bengaluru, pertain to the Assessment Years (AY) 2016-17 and 2022-23.
According to a regulatory filing made on Monday, Sobha stated that the 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 notices stem from disallowed expenses and other additions.
Sobha mentioned its intention to appeal before the Commissioner of Income Tax (Appeals) against these orders within the stipulated timelines. The company asserted that it possesses legal and factual grounds to support its case and is currently assessing the impact of these orders on its financial statements.
The firm clarified that these developments have no impact on its operations or other activities.
Sobha Ltd, headquartered in Bengaluru, stands as one of the prominent real estate companies in India.
