Sambhaav Media Limited has informed the Exchange regarding 'Update'.
SAMBHAAV · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Sambhaav Media Limited received an order from the Commissioner of Income Tax (Appeal) regarding its appeal against search-related assessments for AY 2021-22 and 2022-23. The Income Tax Department had conducted search operations in September 2021. The appellate authority has restricted income additions to INR 3,64,445 for AY 2021-22 and INR 3,50,806 for AY 2022-23. The company estimates maximum monetary impact would be the tax, interest and penalty on these amounts at applicable rates. The company stated there is no impact on its operations and it will take appropriate legal action based on expert advice.
The financial impact is relatively minor (around INR 7.15 lakh total), and operations remain unaffected. The stock is unlikely to see significant reaction unless the tax liability exceeds expectations.