Globe Civil Projects Faces Prosecution for Delayed TDS Deposit

Globe Civil Projects Limited has received a complaint filed by the Income Tax Department for prosecution under Section 276B r/w Section 278B of the Income Tax Act, 1961. This action stems from a delay in depositing Tax Deducted at Source (TDS) for the financial year 2017-18, prior to the company's listing. The matter is currently pending before the ACIM (Special Acts) Court in Delhi. The company had previously made submissions requesting the proceedings be dropped, stating that all applicable TDS, interest, and late fees were paid before the Tax Audit Report filing for FY 2017-18, and no outstanding liability remained. The directors and promoters are also included as respondents in the petition. The matter is compoundable with a maximum liability of ₹2 Million.