HDIL Agrees to Book INR 350 Crore Following Income Tax Raid
Housing Development and Infrastructure Ltd (HDIL) announced it has agreed to book approximately three hundred fifty crore rupees as income in the remaining quarters of the current financial year, following an Income Tax raid on its office premises and the residences of the promoters.
Response to Income Tax Department's Calculations
HDIL stated that the income calculated by the Income Tax Department was based on initial entries in its books of accounts, primarily relating to the current fiscal year. The company clarified that this income would have been booked during the ongoing financial year upon completion of the transactions and the payment of taxes.
Denial of Hidden Income or Tax Evasion
HDIL vehemently denied any allegations of hidden income, tax evasion, or the imposition of penalties for the current or previous years. The company maintained its commitment to transparency and regulatory compliance.
Key Points
- INR 350 Crore to be Booked: HDIL agrees to book the calculated income in the remaining quarters.
- Income Tax Raid: The decision follows a raid conducted by the Income Tax Department.
- Income Calculation: The income was calculated based on initial entries in HDIL's books of accounts for the current fiscal year.
- No Hidden Income or Tax Evasion: HDIL denied any wrongdoing, stating the income would have been booked upon transaction completion.