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IT Department Asks Lodha Group to Pay Rs 60crore in Taxes

Add comment   |   May 16, 2011    09:24am   |Contributed by Indian Realty News

Five months after Income Tax department officials seized crores in unaccounted cash from lockers of the employees of real estate giant Lodha Group, it has asked the company to pay Rs 60 crore in taxes. In January, the I-T department had raided about 20 premises of Lodha Group in Mumbai and Hyderabad on alleged misreporting of income. The raid was based on a tip off suggesting inflated expenditure using fake receipts and cash payments from clients. The raid had covered group chairman Mangal Prabhat Lodha and his two sons who are directors of the company.

While examining the documents found at these premises, I-T officials came across details of bank lockers in the name of some of the company’s employees. When these lockers, in all 26, were raided, unaccounted cash running into crores of rupees were found. In the first raid itself, the department had found unaccounted Rs 6.5 crores in an employee’s Kalbadevi locker. Additional Rs 1.5 crore were found in the offices and residential premises of the company’s owners. The I-T officials had also seized over 10 note counting machines from the group’s offices. IT officials said the entire exercise was undertaken by the company to evade tax. Now, the I-T department has pegged the company’s annual income at Rs 200 crore and asked the Lodha Group to pay Rs 60 crore.

News Published Under:   Delhi, Gurgaon, Mumbai, Noida, Pune, Real Estate Developers, Real Estate India | No Comments »



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