2 Apr

GOCL Corporation receives IT demand notice of Rs 45.72 cr

Business Standard

GOCL Corporation has on 1 April 2024 received a notice of demand of Rs.45.72 crore from the Income Tax Department in connection with Joint Development Agreement in respect of the land situated at Kukatpally, Hyderabad. This pertains to assessment year 2013-14.

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.

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#income #assessmentyear #necessaryaction #1april #taxdepartment

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