I-T raids 2 firms, finds Rs 210cr undisclosed income
The income tax (I-T) authorities got disclosure of Rs210 crore worth of concealed income during searches on a textile and a real estate company.mumbai Updated: Jan 13, 2012 02:18 IST
The income tax (I-T) authorities got disclosure of Rs210 crore worth of concealed income during searches on a textile and a real estate company.
The searches were conducted on Wednesday covering around 20 premises belonging to Mandhana Industries Ltd and Sunteck Realty Ltd following information that these firms inflated expenditure to cut profit to evade tax. I-T officials said while Mandhana Industries disclosed Rs150 crore worth of concealed income, Sunteck Realty gave a disclosure of Rs60 crore.
"They will not only be taxed on the concealed income, but will also be levied interest and penalty," said an I-T official. He added that these are the disclosures given by the firms and the department is still going through seized documents and records to find out if the amount is more.
Manish Mandhana, joint MD of Mandhana Industries denied his company had concealed Rs150 crore of income. "It is a very small amount," he said about the concealed income adding that the paper work is still going on.
A company official from Sunteck Realty said there is no tax evasion by the firm. "There is no conclusion to any amount. The I-T staff has moved out of our premises long ago. They did not find anything," he said.
However, I-T officials said the firms will be asked to pay tax at the rate of 30%. "On the amount of tax evaded in the previous financial years, interest would be charged," the official said.