HDIL to offer Rs 350 cr as income

Housing Development and Infrastructure Ltd stated that it had agreed to offer about three hundred fifty crore rupees as income to be booked in the remaining quarters of this financial year to the Income Tax Department. This follows an Income tax raid on HDIL office premises and promoters’ residences. HDIL said that the income calculated by Income Tax Department was based on initial entries in its books of accounts mostly relating to current fiscal year, which the company would have irrespectively booked during the current financial year on completion of transaction and taxes paid. HDIL said that there was no hidden income, tax evasion, levy of penalty for previous or current year.