HDIL to book Rs350 cr as income in July-March

HDIL to book Rs350 cr as income in July-March

Mumbai: Real estate developer Housing Development and Infrastructure Ltd, or HDIL, said on Monday it has offered to book Rs350 crore as income in the remaining quarters of the current fiscal year.

The income-tax (I-T) department in Mumbai had conducted raids on its premises and promoters’ residences on 10 and 11 September, the company informed the stock exchanges.

“During the course of raid, HDIL has agreed to offer approximately Rs350 crore as income to be booked in remaining quarters of financial year 2009-10," it said.

“The (I-T) department has detected inflated purchase and bogus sales in the book of accounts of the firm," said a income-tax official who did not want to be identified. However, the firm said in its note to the stock exchanges that the “income of Rs350 crore, as calculated by (the) income-tax department, are based on initial entries in books of accounts mostly relating to current financial year...which (the) company would have irrespectively booked during the current financial year on completion of transaction and taxes paid".