India's largest real estate company DLF,, has reported a 12.81% down in its consolidated net profit at Rs 358 crore for the first quarter ended June 30, 2011.
DLF had posted a net profit of Rs 411.03 crore in the corresponding period last year.
The consolidated sales during the first quarter, however, increased by about 21% to Rs 2,446 crore from Rs 2,029 crore in the year-ago period.
Income Tax authorities have slapped notice for nearly Rs 550 crore during the April-June period and the company has challenged the order with "appropriate authorities".
According to DLF, ''The company received an assessment order for assessment year 2008-09 from the Income Tax authorities, creating an additional demand of Rs 546.85 crore, out of which Rs 487.23 crore pertains to demand on account of disallowance of SEZ profit under section 80IAB of Income Tax Act.""
DLF expressed confidence that the additional tax demand would not be sustained and therefore it has not made any provision in the financial result
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