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The latest update is out from Puravankara Limited ( (IN:PURVA) ).
Puravankara Limited has disclosed that it received income tax demand notices totaling Rs. 51.87 crore from the Deputy Commissioner of Income Tax, Central Circle-1(2), Bengaluru, for assessment years 2016-17 and 2017-18. The demands arise from disallowance of certain expenses, notional additions, and denial of indexation on share acquisition costs.
The company said it is preparing to appeal the assessment orders before the Commissioner of Income Tax (Appeals) within the prescribed timelines and believes it has strong legal and factual grounds to contest the demands. Puravankara is currently evaluating the impact of these tax orders on its financial statements but stated that there is no effect on its operations or other business activities.
More about Puravankara Limited
Puravankara Limited is a Bengaluru-based real estate developer focused on residential and commercial projects in India. The company operates across multiple segments and markets, and its shares are listed on both the BSE and the National Stock Exchange under the ticker PURVA.
Average Trading Volume: 55,653
Technical Sentiment Signal: Sell
Current Market Cap: 38.76B INR
For a thorough assessment of PURVA stock, go to TipRanks’ Stock Analysis page.