Max Estates Limited has informed the Exchange about Action(s) initiated or orders passed
MAXESTATES · price
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Awaiting price reaction for this filing.
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has dismissed the appeal filed by Max Square Limited, a subsidiary of Max Estates, against an earlier order of the National Faceless Appeal Centre. The dispute relates to interest income of around ₹63.78 lakh earned during FY 2020-21 on funds parked during the construction phase of a project. The tax department treated this interest income as taxable separately under 'Income from Other Sources', while the company had netted it off against capitalised interest cost. Max Estates has clarified that the order will not have any material impact on the financials, operations, or activities of the listed entity. The subsidiary is now evaluating further legal options, including an appeal before higher appellate authorities.
No material financial impact is expected on Max Estates, though the subsidiary may pursue further appeal. The amount involved (₹63.78 lakh) is small relative to typical company operations, so the stock is unlikely to see a meaningful reaction.