HDIL - Updates

Housing Development & Infrastructure Ltd (HDIL) has informed BSE that the Income tax Department had conducted a raid on HDIL office premises and promoters residences on 10th & 11th September 2009. During the course of raid, HDIL has agreed to offer approx. Rs. 350 Crore as income to be booked in remaining quarters of financial year 2009-10. Income of Rs. 350 Crore as calculated by Income Tax Department are based on initial entries in books of accounts mostly relating to current financial year i.e. 2009-10, which Company would have irrespectively booked during the current financial year on completion of transaction and taxes paid as per provisions of Income tax Act.

Further, the Company would also clarified that, according to the Company there is no undisclosed income, tax evasion, levy of penalty etc for any previous years or current year as reported in various newspaper and media. There will not be any substantial change to tax liability or revision in income booked of earlier accounting years.