I-T Dept detects Rs 700-crore tax evasion by West Bengal firm

New Delhi, September 21

The Central Board of Direct Taxes (CBDT) today seized “incriminating evidence” that shows alleged financial irregularities worth Rs 700 crore after it raided a West Bengal-based steel products manufacturing group.

The CBDT confirmed that the raids were carried out on September 17 on 25 premises, including the residences of promoters and the offices and factories of the company.

It claimed the evidence collected pertained to generation of “unaccounted income” by the group by the group by way of unaccounted cash sales, unaccounted cash expenditure, purchase from bogus parties, under-reporting of actual production, cash purchases of scrap, several documents of land purchases and sale. — TNS