I-T search: Companies in MP surrender Rs 50 crore

The owners of MP Agro Nutri Foods, MP Agrotonics, Shri Krishna Devcon Limited, Global Group and their allied companies have surrendered unaccounted income of about Rs 50 crore following the income tax department’s searches at their properties.

The owners of MP Agro Nutri Foods, MP Agrotonics, Shri Krishna Devcon Limited, Global Group and their allied companies have surrendered unaccounted income of about Rs 50 crore following the income tax department’s searches at their properties.

The investigation wing, which estimated tax evasion of more than Rs 100 crore, is reported to have told the companies that the surrendered sum is insufficient. No breakthrough could be made in this connection till Monday noon. “Process of investigation is still on,” principal director (investigation) RK Paliwal said.

Meanwhile, the I-T department continued with the scrutiny of documents seized during the searches.

Search teams had confiscated documents which indicate hawala transactions and existence of dormant companies whose bank accounts and books of accounts were used for ‘layering’ (done to route cash before investing) the unaccounted money.

“The account books show inflated or bogus expenses,” an I-T official said.

The department, sources said, is looking for dossiers which can indicate overseas benami transactions. The investigation wing has contacted other investigation agencies including police to seek details about their directors, promoters.

The investigation wing had confiscated Rs 35 lakh of unaccounted cash, 26 computers and laptops and sealed their 12 lockers. The lockers are likely to be opened this week.