Raids In Maharashtra, Goa Reveal Income Tax Evasion Of Rs 175 Crore
NDTV
Income tax raids were conducted on a steel manufacturing and trading group in Pune, Nashik and Ahmednagar districts of Maharashtra and in Goa.
The Income Tax (I-T) Department has detected alleged tax evasion of Rs 175 crore following raids on a steel manufacturing and trading group based in Maharashtra and Goa, the Central Board of Direct Taxes (CBDT) said today. The searches were carried out on Wednesday in Pune, Nashik and Ahmednagar districts of Maharashtra and in Goa, and a total of 44 premises were covered. "So far, a total of Rs 175.5 crore of unaccounted income has been unearthed including unaccounted cash and jewellery, shortage and excess of stock and bogus purchases," a Central Board of Direct Taxes statement said, adding that the raids are continuing. It said "unaccounted" cash of Rs 3 crore and jewellery worth Rs 5.20 crore have been seized. The CBDT claimed that 194 kg "unaccounted" silver articles worth Rs 1.34 crore have been found during the searches and have been "accepted and declared" as additional income by the assessee.More Related News