Unaccounted Income Of Over 300 Crores Found In Tax Raids On Maharashtra Firms
NDTV
The tax department has allegedly found "laundering of substantial amount of unaccounted income earned by the companies in the guise of share premium and unsecured loans using shell companies".
The Income Tax department has detected unaccounted income of over Rs 300 crore during raids on a group of four major steel rolling mills in Maharashtra, the Central Board of Direct Taxes (CBDT) said today.
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 Rs 300 crore and the four companies have already disclosed additional income to the extent of Rs 71 crore consequent to the search," the CBDT said in a statement.
It added that "unaccounted" cash of more than Rs 2.1 crore and jewellery worth Rs 1.07 crore have also been seized.
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