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| HDIL to pay tax on Rs 350 cr additional income |
| Press Trust of India / Mumbai Sep 14, 2009, 13:19 IST |
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Real estate developer HDIL has agreed to pay tax on additional income of Rs 350 crore following raids by the revenue department, the company said in a statement today, denying it had done any wrong.
"Income Tax department had conducted a raid on HDIL office premises and promoters' residence on September 10 and 11, 2009. During the course of the raid, HDIL agreed to offer approx Rs 350 crore as income to be booked in the remaining quarters of the financial year 2009-10," the company said in a filing to the Bombay Stock Exchange.
The income of Rs 350 crore, to be added to the taxable income of the company following the searches is based on the initial entries in the books of accounts, mostly relating to the current financial year, the company said.
It also added that this income would have been "irrespectively booked during the current financial year" after completion of the transaction and taxes paid as per the tax laws.
"Further we would also like to clarify that according to us there is no undisclosed income, tax evasion, levy of penalty etc for any previous years or the current year," it said.
Also, there would not be any substantial change in the tax liability or revision in income booked of earlier accounting years, it added.
The tax department had raided premises of the company including its head office and promoters' residences last week.
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