IT dept detects Rs 224-crore undisclosed income after raids on Infra.Market
Zee News
The searches were launched on March 9 at the firm's 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh.
New Delhi: The Income Tax department has detected "undisclosed" income of more than Rs 224 crore after it recently raided Maharashtra-based unicorn start-up Infra.Market, officials said on Sunday.
The searches were launched on March 9 at the firm's 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh.
The CBDT said the group, founded by Souvik Sengupta and Aaditya Sharda in 2016, is "engaged in wholesale and retail (business) of construction materials and has a pan-India presence with an annual turnover exceeding Rs 6,000 crore."
The Central Board of Direct Taxes (CBDT) is the policy-making body for the I-T department.
Officials identified the searched entity as the Infra.Market group.
