Income tax department raids Hyderabad company 500 crore black money seized

(PTI) New delhi date. 9

The income tax department has raided a Hyderabad-based company and seized Rs 500 crore in black money. The company is involved in real estate and waste management business, the Central Board of Direct Taxes (CBDT) said in a statement. The raids were carried out by the income tax department on July 7.

A statement issued by the CBDT said the search and seizure operation and some objectionable documents proved that the company had a black income of Rs 200 crore. The company has also admitted that it had a black income of Rs 200 crore. The company is ready to pay the outstanding tax on this amount.

The CBDT is the highest decision-making body for the income tax department. The income tax department did not disclose the name of the company, saying only that it was involved in real estate, construction, waste management and infrastructure.

Accusing the company of tax evasion, Mukta CBDT said that in the financial year 2016-17, the company had sold most of its stake to a Singaporean company and had acquired a large capital gain.

Documents obtained during the raid prove that the company had erroneously shown losses to avoid capital gains tax. The company had forged a loss of Rs 1,200 crore. Unaccounted cash transactions have also been seized and an investigation is underway in this regard.