I-T Dept Searches 4 Steel Mills in Maharashtra for Unaccounted Income of Rs300 Crore
Moneylife Digital Team 27 September 2021
The Income Tax (I-T) department last week carried out a search and seizure operation on a group of four major steel rolling mills based at Jalna in Maharashtra. Evidence detected so far indicates that unaccounted income is likely to exceed Rs300 crore and these four companies have already disclosed additional income to the extent of Rs71 crore consequent to the search, the I-T dept says in a release.
It says, "The evidence found also indicate the laundering of a substantial amount of unaccounted income earned by the companies in the guise of share premium and unsecured loans using shell companies. Evidence for unaccounted purchases over Rs200 crore has been found. Huge quantity of unaccounted stock was also found in the factory premises of the companies."
These companies manufacture steel thermomechanical treatment (TMT) bars and billets, primarily using steel scrap as raw material. The release says that the search operation was conducted in more than 32 premises spread across Jalna, Aurangabad, Pune, Mumbai, and Kolkata.
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