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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The company has received two Final Show Cause Notices dated 24.09.2024 from the Income Tax Officer, Ward-73(1), New Delhi, for non-deduction of TDS for FY 2022-23 and FY 2023-24. The total proposed tax default liability is about Rs. 1.11 crore for FY 2022-23 and Rs. 1.39 crore for FY 2023-24, covering TDS not deducted on interest and property payments to GMADA (Rs. 11.32 crore and Rs. 21.26 crore respectively), salary, professional fees, and rent. The company was given until 03.10.2024 to respond, failing which it would be treated as an 'assessee in default.' Separately, the CIT(A), Delhi-23 issued an order dated 28.11.2024 on the company's appeal for AY 2011-12, where the original assessment had added Rs. 1.00 crore as alleged commission income from accommodation entries. The order text is partially cut off, so the final outcome on the Rs. 1.00 crore addition is not fully visible.
The TDS show cause notices represent a potential near-term cash outflow of up to Rs. 2.5 crore plus possible penalty proceedings u/s 271C, which is material for a small NBFC. The ongoing AY 2011-12 litigation also exposes the company to additional tax demand if the appeal does not go in its favour.