The Income Tax (I-T) department on Monday claimed to have recovered Rs 15 crore cash from searches at 60 locations related to steel manufacturing company, spread across four states, including UP.
Sources in the I-T department said that the company evaded tax to a tune of around Rs 650 crore. Apart from UP, searches were also conducted in Delhi, Gujarat, and West Bengal.
The owners of the company opened lockers in the name of their fourth-class employees to avoid suspicion by financial agencies, said officials.
The teams also recovered jewellery worth Rs 12 crore. The statements of the owners were also taken.
A sum of Rs 11 crore which was unaccounted for has been seized by the department and several papers, documents have been recovered during the searches.
In Gorakhpur, the company’s bank road office, factory at Gida and the residence of the group’s managing director at Bargadwa area were searched.
Searches had started from April 27 from a flat in Mahanagar area belonging to an owner of the company and later at a flat in Sikandar Bagh in Lucknow.
Source from: https://timesofindia.indiatimes.com/city/lucknow/steel-firm-evades-650cr-tax-i-t-dept/articleshow/99921599.cms