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IT dept reassesses DLF's FY06 income

May, 07th 2009
The special auditor of the income tax department has reassessed nearly Rs 1,200 crore of revenues of property developer DLF in financial year 2005-06 as additional income, the company said in a statement to the BSE. In the event of appellate authorities not reversing the order of assessing officer, then the company has a tax liability of Rs 300 crore to Rs 400 crore, the company said. The IT Department in December 2008 appointed a special auditor to evaluate the tax fillings for the company for FY 2005-2006. "The company has got an expert opinion on the enhanced taxable income and is confident that this addition will not be sustained by the appellate authorities," DLF said. DLF Stock was trading at Rs 247.95, nearly 0.81 per cent higher than Wednesday's close.