<p>The Commercial Tax (Enforcement Wing) officials raided the Axis Bank head office on the MG Road on Tuesday. <br /><br /></p>.<p>The Commercial Tax officials had unearthed tax evasion of about Rs four crore in gold transactions by the bank.<br /><br />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.<br /> <br />Since the bank quoted price fluctuation in import and export of gold, the remaining <br />Rs one crore will be remitted after the assessment,” the official said. <br /><br />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.<br /></p>
<p>The Commercial Tax (Enforcement Wing) officials raided the Axis Bank head office on the MG Road on Tuesday. <br /><br /></p>.<p>The Commercial Tax officials had unearthed tax evasion of about Rs four crore in gold transactions by the bank.<br /><br />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.<br /> <br />Since the bank quoted price fluctuation in import and export of gold, the remaining <br />Rs one crore will be remitted after the assessment,” the official said. <br /><br />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.<br /></p>
