Taxmen sniff Rs 502 cr evasion by steel makers
The Income Tax department is understood to have detected an evasion of Rs 502 crore by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country.
The department has detected evasion in two companies— Bhushan Steel and Bhushan Power and Steel after it undertook action at 11 premises in cities like Delhi, Chandigarh, Ghaziabad, Raigarh, Ranchi, Mumbai and Kolkata.
“The companies have admitted to tax evasion to the tune of Rs 502 crore. The investigations are still on and prohibitory orders have been issued at various locations of the companies,” claimed an Income Tax department source. According to sources, the tax department has detected evasion under heads like introduction of unaccounted investments in share capital of group companies, investments in properties and booking bogus expenditures in companies.
