IndiaBulls Real Estate told to pay Rs 300 crore in undisclosed income case

Tax settlement commission, a quasi-judicial body to settle tax liabilities, has asked Indiabulls Real Estate (IBREL) to cough up Rs 300 crore on the undisclosed income — detected during a probe by the income tax department initiated in 2016.

The matter had been referred to tax settlement in 2017. The quasi-judicial body issued its order on April 30, which was the deadline for the ruling. I-T rules provide the tax commission 18 months to pass the order. Confirming the development, a senior tax official said the real estate company has been charged interest on the tax liability.

The tax authority