The Commercial Tax (Enforcement Wing) officials raided the Axis Bank head office on the MG Road on Tuesday.
The Commercial Tax officials had unearthed tax evasion of about Rs four crore in gold transactions by the bank.
The raid was conducted in the morning and it continued till evening. A senior official said that the tax evasion was pertaining to the financial years 2012-13, 2013-14 and 2014-15. “After the documents were produced, the bank remitted Rs three crore towards tax liability.
Since the bank quoted price fluctuation in import and export of gold, the remaining
Rs one crore will be remitted after the assessment,” the official said.
The bank had disputed the assesment in the business of Rs 70 crore stating there was huge fluctuation in price. Sources said that the bank had declared only a part of its business and hid about Rs 400 crore worth business to evade tax.
Published 10 February 2015, 20:34 IST