In a dramatic development following the end of a two-day long and extensive I-T department raid on the business premises of HDIL in the Bandra-Kurla Complex area, sources in the I-T department allege that there has been a startling confession from the directors themselves of a concealed income amounting to Rs 350 crore. I-T sources also say that this concealed income of Rs 350 crore will be taxed in the coming days — amounting to Rs 120 crore.

Sources in the I-T department also say that the concealed income was found on the business premises of HDIL and not in the directors’ residential premises and that the HDIL confession was based on incriminating financial documents picked up by the department.

The investigator of the IT department is likely to submit a final report on the HDIL raid based on the recorded statements it has, sources say, adding that the company a notice is likely to be issued to HDIL ahead.

S:MC