Max Estates Subsidiary Faces ₹35.48 Lakh Penalty for Alleged Income Under-reporting
Max Estates Limited has provided an update regarding an order passed by the Assessing Officer imposing a penalty of ₹35,48,442 on its subsidiary, Max Square Limited. This penalty, levied under Section...
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Why is Max Estates Limited in the news today?
Max Estates Limited (MAXESTATES) is in the news due to the company has disclosed a penalty imposed on its subsidiary, which is a negative development. however, the company explicitly states that the financial impact is not material at the consolidated level and that they are evaluating further legal options, mitigating the overall negative sentiment.
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Max Estates Subsidiary Faces ₹35.48 Lakh Penalty for Alleged Income Under-reporting
January 1, 2026, 04:17 PM
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More Details on This News
Max Estates Limited has provided an update regarding an order passed by the Assessing Officer imposing a penalty of ₹35,48,442 on its subsidiary, Max Square Limited. This penalty, levied under Section 270A of the Income-tax Act, 1961, is in consequence of alleged under-reporting of income for Assessment Year 2021-22.
The penalty relates to the alleged non-offering for taxation of interest income of ₹63,77,502 earned on fixed deposits during project development for FY 2020-21, which was categorized under "Income from Other Sources." This action follows an earlier order by the National Faceless Appeal Centre (NFAC) which confirmed an addition of ₹63,77,502, leading to a demand of ₹21,13,490 for AY 2021-22.
Max Square Limited has filed an appeal before the Income Tax Appellate Tribunal against the NFAC order, and the hearing has concluded, with the order currently awaited. The company is also evaluating further legal options regarding the penalty imposed by the Assessing Officer.
The company has stated that the financial impact of this penalty is not material at the consolidated level and does not affect the operations of Max Estates Limited. The event date for the penalty order occurrence is December 31, 2025, at 22:10 hours (IST).
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