Peninsula Land Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
PENINLAND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Peninsula Land Limited has filed two appeals before the Commissioner of Income-tax (Appeals) against assessment orders passed under Section 153C of the Income-Tax Act, 1961. The disputed additions relate to Assessment Year 2017-18 amounting to Rs. 6.35 crore and Assessment Year 2018-19 amounting to Rs. 2.54 crore, totaling about Rs. 8.89 crore. The appeals challenge additions made to the company's total income under Section 69C of the Income Tax Act. The company has stated it will keep the stock exchanges informed of any material developments in these matters.
The filing of these appeals indicates an adverse tax assessment received by the company, which is a negative development. If the appeals are unsuccessful, the company could face an additional tax liability of around Rs. 8.89 crore. However, since the matter is sub judice and the company is actively contesting, the immediate impact on the stock is likely limited pending the appellate outcome.