GOCL Corporation receives IT demand for Rs45.72 crore; Stock sheds 1%

4 Apr 2022 , 10:04 AM

GOCL Corporation Ltd has on April 01, 2022 received a notice of demand of Rs45.72 crore from the Income Tax Department in connection with Joint Development Agreement.

As per regulatory filing, a notice of demand is received in respect of the land situated at Kukatpally, Hyderabad. This pertains to assessment year 2013-14.

Further, the Department is considering the JDA as transfer of property. The Company is of the view that the aforesaid Notice is not tenable in law. The necessary action(s) against the said Notice is/are being taken by the Company, said GOCL Corporation in a regulatory filing.

On Monday at around 10:08 AM, GOCL Corporation was trading at Rs278 per share lower by 1.19% on Sensex.