Housing Development and Infrastructure Ltd (HDIL), on Monday, has decided to pay tax on extra income of Rs 350 crore but it has refused to accept that it had done anything wrong. The decision from the real estate Firm has come after the revenue department had a raid in the HDIL office.
Earlier, on September 10 and 11, Income Tax Department had raided HDIL office premises and its promoter’s residence. After the raid, HDIL had accepted that company had an additional income of around Rs 350 crore. The raid followed the search and checking of entries in the account books of the current and previous financial year.
HDIL in a filing to the Bombay Stock Exchange said that the company has agreed to book Rs 350 crore as the taxable income of the company for financial year 2009-10.
The company added that the tax would be paid as per the income tax laws.
Denying all the allegations, HDIL said that there was no issues of undisclosed income, tax evasion, levy of penalty etc for any previous years or the current year. Moreover, there would not be any considerable change in the tax accountability or review of income booked for previous financial years.