In a Hyderabad based real estate and waste management company, the income tax department carried out a search on july 6, finding an unaccounted income of Rs.300 crore.
“As a result of the search and seizure operation, and on the basis of various incriminating documents found, the entities and associates have admitted to having unaccounted income of Rs.300 crore and have also agreed to pay due taxes,” a statement issued by the board said.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department.
The CBDT said, “it was found that the group had sold its majority stake, to a non-resident entity based in Singapore, in one of its group concerns during financial year 2018-19 and had earned huge capital gains.
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