₹ 70 Crore Black Money Found After Income Tax Raids On Karnataka Civil Contractor

Rs 70 Crore Black Money Found After Income Tax Raids On Karnataka Civil Contractor

The Income Tax Department has detected unaccounted income of more than ₹ 70 crore after it recently raided a leading civil construction group of Karnataka, the Central Board of Direct Taxes (CBDT) said on Wednesday.

The searches were carried out on October 28 at multiple locations in north Karnataka.

“The search action has led to detection of unaccounted income of more than ₹ 70 crore which has been admitted as undisclosed income by the assessee group,” the CBDT claimed in a statement.

The CBDT is the policy-making body for the tax department.

It said the group has been “suppressing” its profits by booking “bogus” expenses in purchase of materials, labour expenses and payment to sub-contractors.

Analysis of seized data shows that “unaccounted cash has been received by the key group person from such vendors/suppliers of materials.”

[“source=ndtv”]