Omaxe Ltd: Updates

Omaxe Ltd has informed BSE that :

1. The assessment of the Company and its two subsidiaries viz. M/s Omaxe Buildhome Private Limited and M/s Navratan Techbuild Private Limited U/s 143 of the Income Tax Act, 1961 for the Assessment Year 2008-09 has been made by the Income Tax Department. The Assessing Officer(s) pursuant to the assessment have issued order(s) adding an additional taxable income, on technical grounds, of Rs. 188.26 Cr. in the Company and Rs. 55.11 Cr. in aggregate in the subsidiary companies.

2. The aforesaid additional taxable income has been computed by the Assessing Officer(s) by disallowing the legal claim of deduction of profits made by the Company(s) in accordance with the Section 80 1B(10) of the Income Tax Act, 1961.

3. Disputing the addition(s) as the same have been made without proper appreciation of the facts and law. Companies have filed appeal(s) before the Commissioner of Income Tax (Appeals). The Company(s) is confident that this deduction will be allowed based on large number of precedents. In an unlikely event if the said order(s) are not reversed by the appellate authorities, noting the contingencies, may result, as of, tax of approx Rs. 90.42 Cr. in the Company and approx Rs. 22.72 Cr. in aggregate in the subsidiary companies. Further, the Company has Income Tax Refund Claim of approx Rs. 52.53 Cr.Read More