prpri IT department detected huge tax evasion by two steel companies IT department detected huge tax evasion by two steel companies

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, who did not wish to be named.

When contacted, a Bhushan Steel official said he was unaware of the development and an executive of Bhushan Power and Steel said he had no knowledge of the matter. 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.

The search and survey began on Wednesday at 11 premises of the two companies and the operation was still on.

While Bhushan Steel is led by Brij Bhushan Singhal and his son Neeraj Singhal, Bhushan Power and Steel is headed by Brij Bhushan Singhal’s elder son Sanjay Singhal.

More Under Income Tax

0 Comments

  1. Ajit says:

    If you raid any manufacturing coporation specially mimiing corporation and steel corporation in orissa you will find they are very much involve in tax evasion. They are showing profit that much as they want to show no one is being here to protect them. They are taking so much black money into their pocket without any obstacle. Please sir do something otherwise our orissa never >>>>>>.

  2. Amresh Shukla says:

    Tax evasion of Rs. 502Crores under heads like introduction of unaccounted investments in share capital of group companies have been found may be a primary search team assessment please let me know whether department have prroved the tax evqasion and whether the company have paid entire amount or matter is in letegation. To my mind end result mest be put before all the people to understand the exact findings.

  3. MRK Gandhi says:

    The horrors of tax evasion are a source of music to the ears of common man who has no choice except to live with corrupt politician and bureaucrat. Our criminalized politicians have corrupted entire polity of this country. The government collective lacks the will to bring in legislation where a tax evader is put to death by gallows. I personally subscribe planned tax evasion has to be visited with serious penal consequences. This is only a wishful thinking; how it is possible when we are ruled by corrupt and criminalized political system. To survive in this democracy one should accept these evils and carry on life.

  4. ajay says:

    If you search all rolling mills and induction furnace ,specially, in Muzaffar Nagar & Uttarakhand there will be duty and tax evasion beyond your expectation

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