I-T raid at Pune-based firm reveals Rs 180 crore undisclosed income

New Delhi: The Income Tax department has recently conducted searches at the premises of Pune-based BVG India Ltd, with respect to a case involving claims of alleged bogus losses, purchases and sub-contract expenses.

The I-T department said in a statement that the raids commenced on Wednesday morning and had revealed an undisclosed income of around Rs 180 crore. A total of 28 premises were searched by I-T sleuths in Pune, Mumbai, Delhi, Noida and Nagpur under the sections of the Income Tax Act that provide for search and survey operations, which resulted in the recovery of Rs 60 lakh in cash. According to officials, the company had shown unsubstantiated purchases worth Rs 77 crore and had also purportedly made cash transactions worth around Rs 20 crore. They said incriminating evidence with respect to the bogus claims of brought-forward losses worth Rs 91 crore was found during the searches. I-T officials also discovered several lockers that have been put under restraint.