DLF's Q3 PAT dips 45%; I-T slaps Rs 1,137.23 cr tax

New Delhi: The country’s largest realty firm DLF today reported 45 percent decline in consolidated profit after tax at Rs 258 crore, for the third quarter ended 31 December.

The company had posted profit of Rs 466 crore in the October-December quarter of last financial year, 2010-11, DLF said in a statement.

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The Q3 consolidated revenue also fell by 8 percent to Rs 2,396 crore, from Rs 2,594 crore in the year-ago period.

The shares of the company today closed 0.88 percent down at Rs 230.70 apiece on the BSE.

DLF said the Income Tax department has slapped additional tax notices of Rs 1,137.23 crore on the company and its subsidiaries for the 2009-10

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assessment year.

The company said it has challenged these orders before the appellate authorities.

“The company and its certain subsidiaries received assessment orders for assessment year 2009-10 and for some reopened cases of earlier assessment years from the Income Tax Authorities, creating an additional demand of Rs 1,137.23 crore,” the company said in a statement.

Out of this amount, Rs 1,031.90 crore is due to disallowance of SEZ profit under section 80IAB of Income Tax Act, it added.

“The respective companies have challenged these orders with the appropriate appellate authorities… The company and its subsidiaries are confident that additional tax so demanded will not be sustained on completion of the appellate proceedings,” the statement said.

DLF said the additional tax notices are on the similar lines as done in assessment year 2008-09 that had amounted to Rs 1,643.42 crore.

“Subsequent to the quarter ended December 31, 2011, three subsidiaries of the company received Appellate Orders from CIT (Appeals) in respect of the AY 2006-07. As per these appeal orders, certain additions made by Assessing Officers has been deleted, resulting in the reduction of tax demand by Rs 63.62 crore,” it added.

PTI