Puravankara Limited Secures Major Tax Relief as CIT(A) Allows Rs 83.37 Crore Deductions:

Puravankara Limited Secures Major Tax Relief as CIT(A) Allows Rs 83.37 Crore Deductions Puravankara Limited has disclosed to the stock exchange that it has received certain orders passed by the Commissioner of Income Tax (Appeals) [CIT(A)], and all these orders are in its favour. Previously, the tax authorities (Assessing Officer) had disallowed the company's deduction claimed under Section 80-IB of the Income-tax Act, 1961. The same deduction has now been allowed by the CIT(A) vide its three different orders, all issued on May 04, 2026. The dispute belongs to three assessment years, i.e., AY 2010-11, 2013-14, and 2014-15, for which the Deputy Commissioner of Income Tax (DCIT), Central Circle -1(2), Bengaluru, had disallowed the company's deduction claimed under Section 80-IB of the Income-tax Act, 1961, and raised demands for each assessment year.

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However, when the company filed an appeal before the Commissioner of Income Tax (Appeals) [CIT(A)], challenging these demand orders, the final decision was announced in the company's favour by allowing the impugned deductions and quashing the respective orders. In conclusion to these favourable CIT(A) rulings, a significant reduction has been noticed in the total tax liability of the company. For the assessment year 2010-11, the CIT(A) has allowed the disallowance amounting to Rs 19.61 crore, resulting in a tax relief of Rs 6.67 crore along with applicable interest. Similarly, for the assessment year 2013-14, a disallowance of Rs 39.03 crore has been allowed by the CIT(A), resulting in the total tax liability reduction of Rs 12.67 crore. In a similar way, for the assessment year 2014-15, the CIT(A) allowed disallowance of about Rs 24.73 crore, leading to a tax benefit of Rs 8.41 crore, including interest.

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Basically, all these developments have positively impacted the financial position of the company by reducing its overall tax liability and resolving long-standing disputes. The company has made the aforementioned disclosure through a regulatory filing dated May 04, 2026, addressed to the Bombay Stock Exchange (BSE) Limited and the National Stock Exchange of India (NSE) Limited, filed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.