New Delhi: The Income Tax Department has detected “undisclosed” income of over Rs 224 crore after a recent raid on Maharashtra-based unicorn start-up Infra.Market, officials said on Sunday.
Searches were launched on March 9 at 23 premises of the firm in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh.
The CBDT said that the group, established in 2016 by Souvik Sengupta and Aditya Sharda, is “engaged in wholesale and retail (business) of construction materials and has a pan-India presence with an annual turnover of over Rs 6,000 crore.”
The Central Board of Direct Taxes (CBDT) is the policy making body for the IT department.
The authorities have identified the traced entity as Infra.Market Group.
An email sent by PTI seeking a company’s response did not elicit any response.
Building Materials Market said in August last year that it had raised USD 125 million (about Rs 928.1 crore) in funding from Tiger Global.
The company has been identified as a unicorn, a financial term for a business entity that has achieved a valuation of over US$1 billion.
The CBDT said that so far ‘unaccounted’ cash worth Rs 1 crore and jewelery worth Rs 22 lakh have been seized.
The CBDT statement said it was found that the group has made “fake” purchases, spent huge unaccounted cash and obtained housing entries, aggregating to over Rs 400 crore.
The CBDT claimed that the group’s directors, who were faced with these evidences, “accepted this practice under oath, disclosed excess income of over Rs 224 crore in various assessment years, and consequently their dues”. offered to pay the tax liability.”
It was found that the group received huge foreign funding through the Mauritius route by issuing shares at “extremely” high premiums.
The CBDT said that a ‘complex’ hawala network of some shell companies based in Mumbai and Thane has also been unearthed. Read also: EPFO added 15.29 lakh net subscribers in January 2022
“These shell companies exist on paper and were created only for the purpose of providing housing (fake) entries. Preliminary analysis has shown that the total volume of housing entries provided by these shell entities is over Rs 1,500 crore. ” Read also: Shark Tank investor Ashneer Grover’s reaction to Ashish Chanchlani’s giveaway Shark Tank; check what he said
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var st = 0;
///});
}
}
});
/*}
};*/
})(jQuery);