Max Estates Limited has informed the Exchange about Action(s) taken or orders passed by Income Tax Department for Max Square Limited (Subsidiary Company).
MAXESTATES · price
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The National Faceless Appeal Centre (NFAC) of the Income Tax Department has upheld an addition of ₹63.78 lakh to the total income of Max Square Limited, a subsidiary of Max Estates, for Assessment Year 2021-22. This has resulted in a tax demand of ₹21.13 lakh, relating to the taxation of interest income earned on fixed deposits from temporarily parked project funds, which the tax authority treated as taxable revenue income. Max Estates clarified that the financial impact is not material at the consolidated level and does not affect operations. The subsidiary is evaluating further legal options, including appealing to higher authorities.
The ₹21.13 lakh demand is small relative to Max Estates' consolidated size and is unlikely to move the stock price materially. However, it signals ongoing tax scrutiny of the group's project fund management, and shareholders should watch for any further escalation or appeals.