Max Estates Limited has disclosed that it has received a tax demand notice from the Income Tax Department amounting to Rs. 2,48,16,879 for the assessment year 2023–24. The notice was issued under Section 156 of the Income Tax Act, 1961, and was received on April 7, 2025.
According to the company, the demand relates to the merger of Max Ventures and Industries Limited (MVIL) with Max Estates, which became effective on July 31, 2023, with a retrospective appointed date of April 1, 2022. The Rs. 2.48 crore tax demand represents the balance amount after considering all advance tax payments, tax deducted at source (TDS), and self-assessment tax already paid.
In its report, the company provided the following detailed disclosure:
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The Income Tax Department, under the Ministry of Finance, Government of India, has issued a Notice of Demand to Max Estates Limited under Section 156 of the Income Tax Act, 1961. This notice, dated April 7, 2025, relates to the assessment year 2023–24 and requires the company to pay Rs. 2,48,16,879
The demand was raised because the Assessing Officer did not accept certain tax credits belonging to Max Ventures and Industries Limited (MVIL), a company that merged with Max Estates. These tax credits are expected to be acknowledged once MVIL’s Permanent Account Number (PAN) is officially transferred into Max Estates’ records.
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In response, Max Estates stated that it intends to comply with the notice and is currently reviewing the matter, including the option of filing an appeal. The company also assured that it will keep stakeholders informed of any updates. At this time, Max Estates has confirmed that there is no material impact on its financial, operational, or other business activities, and it will continue to take appropriate legal and procedural steps as necessary.
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