A whopping Rs 23,000 crore tax evasion has been found in tax searches at multiple locations of Shree Cement Ltd in Rajasthan, sources have told NDTV, claiming it is one of the biggest tax evasion to date.
The tax searches against the Kolkata-headquartered cement firm continued for the second time his week.
"Income Tax Department is conducting a survey at our premises, and the company's management team is available and extending full cooperation to the officials. The information as required by the officials is being made available," the company said.
The tax officials, say sources, recovered forged documents.
The deductions claimed by the company, which is one of India's top three cement producers, are false, sources added.
The sources say that the company siphoned off Rs 1200-1400 crore every year in tax evasion and the centre and the state government have suffered a huge loss of revenue due to fake agreements.