Max Estates Limited's subsidiary, Max Square Limited, has received a ₹21.13 lakh income tax demand order from the National Faceless Appeal Centre (NFAC). The demand is related to the assessment year 2021-22 and focuses on the treatment of interest income from fixed deposits.
Real EstateIncome TaxMax EstatesMax Square LimitedNfacReal EstateJun 07, 2025
Max Square Limited has received a tax demand of Rs. 21.13 lakh from the National Faceless Appeal Centre (NFAC).
The tax demand was issued for the assessment year 2021-22.
The tax demand was issued because the NFAC ruled that the interest earned on fixed deposits by Max Square Limited was taxable under the head 'Income from Other Sources.'
Max Square Limited is considering its legal options and may file an appeal before a higher tax authority to challenge the decision.
Max Estates has clarified that the tax demand is not material in terms of the company’s overall financials and does not affect the day-to-day operations of the company or its subsidiary.
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