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DLF to cough up additional tax

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Realty developers DLF Ltd. has to pay extra tax of about Rs. 350-450 Crores to the Govt. for the fiscal year after the Income Tax (I-T) department in a unique study found that the realty firm’s books displayed an income lesser by Rs. 1,500 Crores for the current year. DLF was issued a notice in this feature and has planned to defy the Govt.’s order. In a filing to the National Stock Exchange (NSE) DLF chief financial officer said to www.propertykhazana.com that, “We have about three months to file the petition, the firm has availed specialist opinion on the improved taxable income and is sure that this extra will not be continued by the appellate authorities.” It is projected that the IT department notice might result in a dependent ability of about Rs. 350-450 Crores.
The extra tax expenditure will put more stress on the firm’s liquidity and the I-T department had given a special audit to assess the tax filings of the firm for fiscal year. The SAR suggested that the tax department reevaluate about Rs. 1,500 Crores as extra income, as said in the DLF’s filing to NSE. Following the report and evaluation actions, the evaluation office has issued an appraisal order adding significantly most of the amount recommended by the special audit report (SAR), said the company sources to www.propertykhazana.com.
Source: NBTVLIVE

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