CIT(A) Dismisses Abacus Real Estate's Income Tax Appeal for AY 2013-14, Sustaining ₹9.20 Crore Net Tax Demand

CIT(A) Order Sustains ₹9.20 Crore Tax Demand for Kalpataru Subsidiary

Abacus Real Estate, a wholly owned subsidiary of Kalpataru Ltd, received an order from the Commissioner of Income Tax (Appeal), Mumbai, dismissing its appeal for Assessment Year 2013-14, which sustains additions to income resulting in a net tax demand of Rs 9.20 crore.

Background of the Assessment

The subsidiary had filed an appeal against an assessment order that originally made an addition to the income, leading to a tax demand including interest of Rs 15.44 crore. The net tax demand of Rs 9.20 crore is calculated after deducting the amount already paid, which was Rs 6.24 crore, from the total tax demand of Rs 15.44 crore.

The Appeals Process

The CIT(A) dismissed the appeal filed by Abacus Real Estate. The appeal to Commissioner of Income Tax is the first appellate level filed within 30 days of the assessment order, with CIT(A) serving as an administrative authority within the department. The Income Tax Appellate Tribunal (ITAT) is the second appellate authority in India's income tax dispute resolution hierarchy and functions independently of the tax department, hearing appeals against orders of the Commissioner of Income Tax (Appeals).

Abacus Real Estate's Next Steps

Abacus Real Estate intends to contest the order or file an appeal in accordance with the applicable provisions of the Income Tax Act. Kalpataru Ltd received information regarding the receipt of the order by its subsidiary on July 3, 2026.

Impact on Kalpataru Limited

Kalpataru Ltd stated that the order does not have any material financial impact on its operations. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

About Kalpataru Limited

Kalpataru Limited is an integrated real estate development company with over 113 completed projects across Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur, specializing in luxury, premium, and mid-income residential, commercial, and retail developments. Led by Mr. Mofatraj P. Munot, with over five decades of experience, and Mr. Parag M. Munot, with three decades, Kalpataru has a strong presence across all micro-markets in the Mumbai Metropolitan Region (MMR) and Pune, with a focus on innovation, thoughtful design, and timely delivery.