Mahindra World City Developers Ltd updates on IT demand notice

Mahindra World City Developers Limited (MWCDL) is a subsidiary of Mahindra Lifespace Developers Limited and a 89:11 joint venture between the Company and Tamil Nadu Industrial Development Corporation Ltd (TIDCO) (a Government of Tamil Nadu enterprise). MWCDL had on 12th February, 2024, received an demand notice under section 156 of the Income-Tax Act, 1961, with a revised demand accompanied with an Assessment order under section 147 read with section 260 and 144B of the Income Tax Act from the Income Tax Authorities against return of income filed for the assessment year 2016-17.

MWCDL had filed a Writ Petition with Honourable High Court, Madras challenging the impugned Assessment Order and Notice of demand issued by the Income Tax Authorities. On 14th March, 2024, Honourable High Court, Madras, admitted the said writ petition and granted interim stay until conclusion of the matter.

Shares of Mahindra Lifespace Developers Limited was last trading in BSE at Rs. 538.30 as compared to the previous close of Rs. 543.05. The total number of shares traded during the day was 11038 in over 637 trades.

The stock hit an intraday high of Rs. 552.55 and intraday low of 528.60. The net turnover during the day was Rs. 5933961.00.

Source : Equity Bulls

Keywords

MahindraLifespaceDevelopers INE813A01018 Realty MahindraWorldCityDevelopers JV TIDCO ITDemandNotice HighCourt InterimStay