Max Estates Limited has informed the Exchange about Action(s) initiated or orders passed.
MAXESTATES · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.0 pts less than Nifty Microcap 250 and 1.8 pts less than its Residential Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Income Tax Assessing Officer has imposed a penalty of ₹35,48,442 under Section 270A of the Income-tax Act on Max Square Limited, a subsidiary of Max Estates, for Assessment Year 2021-22. The penalty is linked to an earlier NFAC order confirming an addition of ₹63,77,502 in interest income from fixed deposits, leading to a tax demand of ₹21,13,490. The matter relates to interest earned on fixed deposits during project development that was alleged to be under-reported. The subsidiary had already filed an appeal before the Income Tax Appellate Tribunal, and the order is awaited.
The company states the financial impact is not material at the consolidated level and does not affect operations. The penalty amount is small relative to the company's size, and the appeal at ITAT is pending, so investors are unlikely to see a meaningful stock price impact.