I-T Department detects ₹300-crore black income after raids on Maharashtra-based steel rolling companies

A statement from CBDT said “unaccounted” cash of more than ₹2.10 crore and jewellery worth ₹1.07 crore have also been seized.

The Income Tax Department has detected unaccounted income of over ₹300 crore following raids on a group of four major steel rolling mills based in Maharashtra, the Central Board of Direct Taxes (CBDT) claimed on Monday.

The searches on the business groups, engaged in manufacturing steel TMT bars and billets mostly using steel scrap as raw material, were conducted on September 23 on 32 premises located in Jalna, Aurangabad, Mumbai, Pune and Kolkata.

“Evidence detected so far indicates that unaccounted income is likely to exceed ₹300 crore and the four companies have already disclosed additional income to the extent of ₹71 crore consequent to the search,” the CBDT said in a statement.