Country's largest realty firm DLF today said it has received an additional tax demand of Rs 457.39 crore from the Income Tax Department for the assessment year 2009-10, mainly on account of disallowance of profits from Special Economic Zone (SEZ). 

DLF has filed appeals before the appropriate appellate authorities against the assessment orders and expects that additional tax demand would not be sustained. 

"Subsequent to the quarter ended March 31, 2012, the company received an assessment order for A.Y. 2009-10 from the income tax authority, creating a demand of Rs 457.39 crore, of which, Rs 355.24 crore pertains to demand on account of disallowance of SEZ profits under section 80IAB of the Income Tax Act," DLF said in a note to financial statement. 

The company had earlier received similar demand notice from IT department for a total of nearly Rs 2,700 crore. 

"As already reported in the last quarter, similar disallowance of SEZ profits were made by the Income Tax Authorities for the company and its subsidiaries amounting to Rs 1,031.90 crore for the assessment year 2009-10 and Rs 1643.42 crore for assessment year 2008-09," it added. 

DLF said that the company and its subsidiaries have filed appeals before the appropriate Appellate Authorities against the said assessment orders. 

The company expressed confidence that "additional tax so demanded will not be sustained on completion of the appellate proceedings and accordingly, pending the decision by the appellate authorities, no provision has been made in these consolidated annual and quarterly financial results". (PTI)