I-T raids software major
The income tax authorities, on Monday, conducted searches (raids) on Vakrangee Software Limited, a company listed with the Bombay Stock Exchange and National Stock Exchange.mumbai Updated: Dec 14, 2010 01:54 IST
The income tax authorities, on Monday, conducted searches (raids) on Vakrangee Software Limited, a company listed with the Bombay Stock Exchange and National Stock Exchange.
The investigation wing of the department conducted searches following information that the company was showing bogus expenses in account books to reduce profit and thereby evading tax.
BP Gaur, director general (investigation), Income Tax, Mumbai, confirmed the searches on the company.
The department conducted searches on six premises of the company and its chairman and managing director Dinesh Nandwana in Mumbai. Also, eight other premises of Vakrangee and companies related to it were surveyed. More than 100 I-T officers and staff took part in the operation.
A senior I-T officer, requesting anonymity, as he is not authorised to speak to the media, said initial scrutiny of documents revealed the company had showed purchase of software worth around Rs 70 crore from two non-existent companies. The I-T team also found Rs 20 lakh in cash . The searches continued till late night and would go on till Tuesday.
Nandwana could not be contacted for comment.
Vakrangee is engaged in e-governance business, providing information technology services. It also provides multi-lingual software for election related government projects.