Puravankara Limited Receives Income Tax Demand Notices
Puravankara Limited announced on April 1, 2026, that it received demand notices from the Deputy Commissioner of Income Tax, Central Circle -1(2), Bengaluru. The notices pertain to Assessment Year 2016-17 and Assessment Year 2017-18.The company received a demand notice of ₹39.34 Crores related to Assessment Year 2016-17, stemming from disallowance of certain expenses and additions on a notional basis. A separate demand notice of ₹12.53 Crores was received for Assessment Year 2017-18, related to disallowance of expenses and denial of indexation for the cost of acquisition of shares.
Puravankara Limited is appealing the orders before the Commissioner of Income Tax (Appeals). The company asserts it has strong legal and factual grounds to support its case and is assessing the implications of the orders on its financial statements. The notices are not expected to impact the company's operations.
| Sl. No. | Particulars | Assessment Year 2016-17 | Assessment Year 2017-18 |
|---|---|---|---|
| 1 | Nameof the authority | Deputy Commissioner of Income Tax, Central Circle -1(2), Bengaluru. | Deputy Commissioner of Income Tax, Central Circle -1(2), Bengaluru. |
| 2 | Nature and details of the action(s) taken or order(s) passed | Assessment Order under Section 147 read with Section 143(3) | Assessment Order under Section 147readwithSection143(3) |
| 3 | Date of receipt of direction or order, including any ad- interim or interim orders, or any other communication from the authority | 31-03-2026 | 31-03-2026 |
| 4 | Details of the violation(s)/contravention(s) committed or alleged to be committed | Demand notice under section 156 of the Income Tax Act for Rs. 39.34 Crores due to disallowance of certain expenses and certain additions on notional basis. | Demand notice under section 156 of the Income Tax Act for Rs. 12.53 Crores due to disallowance of certain expenses and denial of indexation for the cost of acquisition of shares. |
| 5 | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | No impact on operations or other activities. | No impact on operations or other activities. |
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