DLF gets Rs 1,700 crore tax notice
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Realty major DLF has said income tax authorities have slapped additional tax notices for over Rs 1,700 crore pertaining to 2008-09 assessment year after being disallowed its profits in SEZ projects. The company said it is challenging the orders with appropriate authorities and hopes that these demand notices will be revoked. SEZs enjoy tax benefits.
"Subsequent to the quarter ended March 31, 2011, the company received an assessment order for AY 2008-09 from the Income Tax Authorities, creating an additional demand of Rs 546.85 crore.
"Out of this Rs 487.23 crore pertains to demand on account of disallowance of SEZ profit under section 80IAB of Income Tax Act," DLF said in a note in its annual result.
"During the year, the group had also received similar demands on account of disallowance of SEZ profits in two of its subsidiaries totalling Rs 1,156.19 crore," it added. Without naming the units, DLF said those firms are challenging the orders.
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