180 Crores In Undisclosed Income Detected By Tax Department In Pune

The Income Tax department detected an undisclosed income of Rs 180 crore during a raid at the premises of Pune-based housekeeping firm BVG, the Central Board of Direct Taxes (CBDT) officials said on Thursday.

"The search was carried out based on specific information regarding the claim of bogus losses, bogus purchases and bogus sub-contract expenses," the CBDT said in a statement.

The board did not identify the entity in the statement, but officials confirmed premises of Bharat Vikas Group (BVG) were raided.

It, however, said the group has diversified business activities and provides services in areas such as mechanised house-keeping, landscaping and gardening, civil and electrical maintenance, fabrication services, turnkey solutions and logistic support, and other services required by government agencies and municipal corporations.

"The search and seizure action has led to the unearthing of incriminating evidence regarding bogus claim of brought-forward losses of Rs 91 crore pursuant to a scheme of de-merger which is not found in accordance with the provisions of I-T Act," the statement said.

"Bogus expenses in the form of un-substantiated purchases to the tune of Rs 77 crore have also been detected so far and further verification is in progress," it said.

Evidence has also been found with in respect of cash expenses to the tune of Rs 20 crore, according to the statement.

"Further, unaccounted cash of Rs 60 lakh has been found. Several lockers have been found and put under restraint. Based on evidence unearthed so far, undisclosed income to the tune of Rs 180 crore, from assessment year 2016-17 onwards, has been detected," it said.

Search proceedings are still under progress, it said.

The searches were carried out on Wednesday at over two dozen locations linked to the business group in Pune, Mumbai, Nagpur, Delhi, Bengaluru and Noida.

BVG Group chairman and managing director Hanumant Gaikwad had on Wednesday said in a statement that income tax officials conducted routine searches at the premises of the company.