New Delhi (09.07.2021): The Income Tax Department has made Hyderabad-based waste management and realty company admit that it accumulated ₹300 crores of capital gains and hid it by showing forged losses. However, the company has now committed to paying the due taxes.This follows an IT Department search and seizure operation on 06/07/2021 that brought to light how the alleged company had sold its majority stake to a Singapore-based company at huge profits but hid the capital gains arising therefrom.The search operation detected an artificial loss of about ₹1200 crore to avoid paying the legitimate taxes.In a press release, the IT department said the case is not yet closed and it is further conducting its investigation into it.
IT Dept makes a company admit its forgery and pay taxes
By IndianMandarins - 2021-07-09 23:17:00
New Delhi (09.07.2021): The Income Tax Department has made Hyderabad-based waste management and realty company admit that it accumulated ₹300 crores of capital gains and hid it by showing forged losses. However, the company has now committed to paying the due taxes.
This follows an IT Department search and seizure operation on 06/07/2021 that brought to light how the alleged company had sold its majority stake to a Singapore-based company at huge profits but hid the capital gains arising therefrom.
The search operation detected an artificial loss of about ₹1200 crore to avoid paying the legitimate taxes.
In a press release, the IT department said the case is not yet closed and it is further conducting its investigation into it.
