I-T dept detects undisclosed income at unicorn startup
Identifies Rs224-cr black money after raids on 23 premises in 5 States
New Delhi: The Income-Tax (I-T) department has detected undisclosed income of about Rs224 crore after it recently raided a unicorn start-up Infra.Market based in Pune and Thane in Maharashtra, the CBDT said on Sunday.
The searches were carried out on March 9 at 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh. The CBDT said the group, founded by Souvik Sengupta and Aaditya Sharda in 2016, is "engaged in wholesale and retail (business) of construction materials and has a pan-India presence with an annual turnover exceeding Rs 6,000 crore."
CBDT is the policy-making body for the tax department. Unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized till now, it said. The statement said it was found that the group has booked bogus purchases, made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs 400 crore.
