Sobha Limited has made disclosure to the Stock Exchange under Regulation 30 of SEBI (LODR) Regulations, 2015.
SOBHA · price
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Awaiting price reaction for this filing.
Sobha Limited has received an Income Tax assessment order from the Deputy Commissioner of Income Tax, Bengaluru, for Assessment Year 2023-24, resulting in a demand of Rs. 14.41 Crore. This demand arises from disallowance of certain expenses and additions to income. The demand is likely to increase by an additional Rs. 7.06 Crore due to a clerical error in the order, taking the potential total to around Rs. 21.47 Crore. The company plans to file an appeal before the Commissioner of Income Tax (Appeals), citing strong legal and factual grounds. The company has stated there is no impact on operations or other activities, and is evaluating the financial statement implications.
Short-term overhang on sentiment due to tax liability, but appeal and company's confidence in its case limit material impact. Watch for any further escalation or demand crystallization.