Mahindra Lifespace's subsidiary receives Rs102 crore income-tax notice

20 Apr 2022 , 02:09 PM

Mahindra Lifespace Developers Limited informed that Mahindra World City Developers Limited, a subsidiary of the Company and an 89:11 joint venture between the Company and Tamil Nadu Industrial Development Corporation Ltd (TIDCO) (a Government of Tamil Nadu Enterprise), has received notices under the Income Tax Act, 1961.

MWCDL has received Assessment Order under Section 147 of the Act, a notice of demand under Section 156 of the Act, and a Show Cause Notice for Penalty proceedings from the Income Tax Authorities for an aggregate sum of Rs101.83 crore including interest of Rs 43.10 crore against the return of income filed for the assessment year 2016-17.

MWCDL would exercise appropriate legal remedies and contest the demand at the appropriate judicial forums.

At around 2.15 PM, Mahindra Lifespace is currently trading at Rs368.65 up by Rs9.6 or 2.67% from its previous closing of Rs359.05 on the BSE. It has touched intraday high and low of Rs374.30 and Rs350 respectively.