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Debt- hit DLF gets I-T call for Rs 1700 crore


              THE Income Tax ( I- T) department has slapped an additional tax notice of over Rs. 1,700 crore on real estate major DLF, which is already struggling under a debt burden of Rs. 21,424 crore.
              The additional tax notice pertains to assessment year 2008- 09 and has arisen on the profits of the special economic zone ( SEZ) projects being disallowed.
              “Subsequent to the quarter ended March 31, 2011, the company received an assessment order for AY2008- 09 from the Income Tax authorities, creating an additional demand of Rs. 546.85 crore,” DLF said in a note in its annual results.
              “Out of this Rs. 487.23 crore pertains to demand on account of disallowance of SEZ profit under section 80IAB of the Income Tax Act. 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.
              Together, it will amount to a tax liability of Rs. 1,703.04 crore on the company.