Mahindra Holidays & Resorts India Limited announced that the company has received an Order from Commissioner of Income-Tax (App appeals), National Faceless Appeal Centre, Delhi under applicable provisions of Income-Tax Act, 1961 with respect to Assessment Year 2016-17 against the assessment order passed by ACIT, Circle 1, LTU, Chennai. The Order has been passed on 3 matters. First Matter: Revenue recognition (timing difference) (INR 220.26 million).

This matter has been decided in favour of the Company., Second Matter: Disallowance of expenses towards repairs in resorts (INR 15.02 million). The Assessing Officer is directed to allow the claim and the matter is partly allowed. Third Matter: Disallowance of foreign payment of resort maintenance expenses (INR 1.84 million).

This matter is partly allowed., date of receipt of direction or order, including any adinterim or interim orders, or any other communication from the authority; The Order dated September 25, 2023 has been received by the Company on September 26, 2023, d., details of the violation(s)/againstvention(s) committed or alleged to be committed, Not Applicable, e., impact on financial, operation or other activities of the Company, quantifiable in monetary terms to the extent possible; Based on the Company's assessment & advice of the counsel, the Company does not expect the said Order to have any material financial impact on the Company.