The department alleges that the company's income worth Rs 1,43,23,625 has escaped the assessment for the financial year 2022-23 under section 147 of the Income Tax Act.
Nidhi | Mar 13, 2026 |
Raymond Reality’s Subsidiary Receives SCN Alleging Income Escapement
Raymond Realty’s subsidiary, Ten X Realty Limited (TXRL), has recently disclosed the receipt of a show cause notice (SCN) from the Mumbai income tax department. The department has claimed that the company’s income of Rs 1.43 crore for the financial year 2022-23 has escaped the assessment.
Background of the Case
TXRL has received a show cause notice under Section 148A(1) of the Income Tax Act, 1961, dated March 11, 2026. The show cause notice relates to a survey action conducted on September 25, 2025, under Section 133A of the Income Tax Act. The department alleges that the company’s income worth Rs 1,43,23,625 has escaped the assessment for the financial year 2022-23 under section 147 of the Income Tax Act.
Key Details of Orders
| Particulars | Details |
| Issuing Authority | The Assistant Commissioner of Income Tax Central Circle 8(1), Mumbai |
| Date of Notice | March 11, 2026 |
| Legal Provision | Section 148A(1) read with Section 147 of the Income Tax Act, 1961 |
| Amount | Rs 1,43,23,625 |
| Relevant Period | AY 2023-24 |
Company’s Next Steps
Raymond Realty has said that TXRL is preparing its response to the show-cause notice. The company said it is taking appropriate remedial steps as advised.
Financial Impact
The company also stated that the notice will not have any material impact on the financial, operations or activities of Raymond Realty Limited. However, if any penalty is imposed after the proceedings, it will be payable by Ten X Realty Limited. Ten X Realty Limited’s financial statements are already consolidated with the financials of Raymond Realty Limited.
Company’s Disclosure Requirement
The company submitted the above information under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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