I-T notice to Lok Group for alleged Rs 100-crore tax evasion
October, 20th 2008
Income Tax authorities, who conducted a survey on city-based real estate developer, Lok Group, have issued notices to the company for allegedtax evasion of nearly Rs 100-crore.
Following the notice, the company has paid about 10 per cent of the amount, a senior I-T official said here. "The notices have been issued under section, 210 (payment of advance tax) and 142 (1) for filing the return for income)," the official said.
The notices were issued after a survey, the official said, claiming it was the largest-ever survey by the taxmen in Mumbai. During the survey, an income of Rs 354-crore on which no taxes were paid was unearthed, the official said.
Accounts of various group companies were found and it was revealed that some of the Group companies had not filed Income Tax returns for assessment year 2007-08 and also failed to pay Advance Tax for assessment years 2007-08, 2008-09 and 2009-10, despite having substantial income, the official said.
Based on this, their tax liability comes to Rs 98-crore and additional Rs 12-crore interest on it, the official said.
The survey was carried out last month at the office premises and the construction sites of the Group in suburban Andheri and Khar," the official said.