Dadra Nagar Haveli, crores of tax evasion of a company having a factory in Dahej

11 locker freeze in search operation

Evidence of cash purchase and cash misappropriation by Angadiya found: CBDT

New Delhi: The Income-tax department has nabbed crores of rupees in tax evasion from a company manufacturing synthetic yarn and polyester chips in Gujarat's Dadra and Nagar Haveli and Dahej, the CBDT has claimed. According to the CBDT, the probe has been underway since yesterday and is still ongoing.

The CBDT said in a statement that the company had shown Rs 380 crore of unaccounted funds in its book in the form of bogus and unsecured loans. Apart from this, an amount of Rs 40 crore was also shown by the shell companies in the form of share premium. The auditors and directors of the shell companies have also acknowledged this.

The CBDT has claimed that sufficient evidence has been found of cash purchases and cash manipulation by Angadiya. Evidence of bogus purchases worth Rs 154 crore has also been found. Which shows that the company is indulging in unaccounted transactions. Some unaccounted for jewelery has also been found. Eleven lockers have also been frozen during the search operation.