New Delhi, Sep 27 : Conducting search and seizure operations on four Maharashtra-based steel rolling mills, the Income Tax (I-T) department has claimed to have detected unaccounted income in excess of Rs 300 crore.
Operating out of Jalna in Maharashtra, the companies are engaged in the business of manufacturing steel TMT bars and billets mostly using steel scrap as raw material.
The I-T operation was conducted in more than 32 premises spread across Jalna, Aurangabad, Pune, Mumbai and Kolkata.
“Evidence detected so far, indicates that, unaccounted income is likely to exceed Rs 300 crore and the four companies have already disclosed additional income to the extent of Rs 71 crore consequent to the search,” the Income Tax department said in a statement.
The tax authorities have seized unaccounted cash of more than Rs 2.10 crore and jewellery amounting to Rs 1.07 crore from different premises.
The tax department said that during the course of the search and seizure operation, many incriminating documents, loose sheets and other digital evidences were found and seized.
“These evidences clearly indicate the involvement of the companies in large scale unaccounted financial transactions made outside the regular books of accounts, including inflation of purchases using entry providers, unaccounted cash expenses and investments, etc,” it said.
“Evidence for unaccounted purchase in excess of Rs 200 crore has been found. Huge quantity of unaccounted stock was also found in the factory premises of the companies,” the statement added.(UNI)