Income tax dept raids Pune heavy machinery firm

TNN | Nov 17, 2021, 04:14 IST

Pune: The Income Tax Department (ITD) on Tuesday claimed that they unearthed “unaccounted” income of more than Rs 200 crore from a Pune-based heavy machinery firm, after it conducted raids at around 25 locations in seven cities across India last week. 

The Central Board of Direct Taxes (CBDT), which oversees and frames the policy for the Income Tax Department, did not disclose the name of the firm, but said that the company manufactures excavators, cranes, piling rigs, and equipment in the mining and port space. Officials from the ITD or the CBDT did not respond to queries till late on Tuesday.

In a statement, the CBDT claimed that the company has “admitted” to up to Rs 120 crore of unaccounted income, adding that cash, jewellery and bank lockers linked to the firm have been placed “under restraint”.

The CBDT said the firm resorted to various means to suppress its income and profits by writing off expenses, such as by issuing credit notes, “non-verifiable” commission payments, “incorrect” depreciation claims, among others. The statement further added that the ITD had found and seized unaccounted investments, loans, and cash receipts by various parties.

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