The Income Tax department detected an undisclosed income of Rs 180 crore during a raid at the premises of Pune-based housekeeping firm BVG, CBDT officials claimed. “The search was carried out based on specific information regarding the claim of bogus losses, bogus purchases and bogus sub-contract expenses,” the Central Board of Direct Taxes (CBDT) said in a statement.
The board did not identify the entity in the statement, but officials confirmed the case to be of the Bharat Vikas Group (BVG). 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 a 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 Income Tax 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 within 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 the assessment year 2016-17 onwards, has been detected,” it said. Search proceedings are still under progress, it informed.