02 April 2024 – The Income Tax Department has sent demand notifications totaling about ₹46 crore to listed real estate company Sobha Ltd. The firm, headquartered in Bengaluru, said that it is now preparing to file an appeal against the decisions within the allotted timeframe with the Commissioner of Income Tax (Appeals). The Bengaluru Deputy Commissioner of Income Tax issued the notifications. The announcements pertain to the Assessment Years (AY) 2022–2023 and 2016–17.
“Due to the disallowance of certain expenses and other additions, 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,” the firm said in a regulatory filing.
Sobha Ltd., a prominent participant in the real estate industry for a number of years, is renowned for its high-end residential and commercial developments. The business is well-established in South India and has grown to include other regions of the nation in its activities.
Conclusion
This development occurs at a time when the real estate industry is facing several difficulties, such as slowing economic growth and regulatory reforms.
