Financial Daily from THE HINDU group of publications
Thursday, Apr 18, 2002
Financial Daily from THE HINDU group of publications Thursday, Apr 18, 2002 |
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Industry & Economy
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Economic Offences Karnataka: Rs 136-cr I-T evasion detected Our Bureau
BANGALORE, April 17 THE Investigation Directorate of the Income-Tax Department at Bangalore has detected concealment of taxes amounting to Rs 136.24 crore in the State. Briefing reporters here today, Mr K. Subramaniam, Director-General of Income Tax (Investigation), said that the searched parties had admitted to concealment to the tune of Rs 56.72 crore. The searches involved liquor dealers, realtors and unorganised money-lenders. He said that among the searched parties was a prominent liquor manufacturer. The searches resulted in recovery of seconds liquor on which no excise duty was paid. In this case, the Department also recovered forged excise labels used for the purpose of marketing the un accounted production. The assessee, Mr Subramaniam said, had admitted to concealing income of Rs 3 crore, though the Deparment suspected the amount to be Rs 22 crore. The network of unorganised money lending operations, he said, was run through 25 collection agents from an undisclosed office premise. The total concealment of income admitted by the assessee amounted to Rs 5.34 crore in the case, he said.
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