2 agro firms disclose R 55 cr black money
|Ahmedabad: A day after income-tax (I-T) sleuths raided two agro-based
companies in the city, a total of Rs 55 crore unaccounted money is
reported to have been unearthed on Friday. It was revealed during the
operation that two chartered accountants (CA) and a company secretary
(CS) have been helping the companies evade huge sums of taxes by
floating companies only on paper to hide the excess money. The two
groups involved in the raids have been identified as Ridhi Sidhi Gluco
and Jalaram Rice Mill located at Bavla in Ahmedabad district.
According to official sources, Ridhi Sidhi Gluco has reportedly
disclosed having Rs 50 crore of unaccounted for money while Jalaram
Rice Mill officials have confessed to having Rs 5 crore of unexplained
money in their business transactions. "The investigation is still
going on and we are yet to check 11 lockers that have been sealed for
further probing. The raids have also been conducted in Mumbai, Delhi,
Chennai, Karnataka and Uttarakhand," sources said. A total of 22
places have been covered in the raids.
Sources said that one of the companies was paying taxes only on 50% of
its profits. To hide unaccounted money, the company's CAs had floated
a dummy company as well as share holders on paper. I-T officials are
likely to inform the Indian Chartered Accountants Institute (ICAI)
about these CAs for their alleged involvement in the evasion.
On Thursday around 100 officials raided the offices of Ridhi Sidhi
Gluco at Ashram Road in the city and Jalaram Rice Mill at Bavla and
various other offices and residences of the owners.
Ridhi Sidhi Gluco is a company listed with the Bombay Stock Exchange
(BSE). The company is one of the largest starch producers in the
country while Jalaram Rice Mill, is a major exporter of basmati rice,
non-basmati rice, pulses and sugar among other agro-based products.
|Ahmedabad: A day after income-tax (I-T) sleuths raided two agro-based
companies in the city, a total of Rs 55 crore unaccounted money is
reported to have been unearthed on Friday. It was revealed during the
operation that two chartered accountants (CA) and a company secretary
(CS) have been helping the companies evade huge sums of taxes by
floating companies only on paper to hide the excess money. The two
groups involved in the raids have been identified as Ridhi Sidhi Gluco
and Jalaram Rice Mill located at Bavla in Ahmedabad district.
According to official sources, Ridhi Sidhi Gluco has reportedly
disclosed having Rs 50 crore of unaccounted for money while Jalaram
Rice Mill officials have confessed to having Rs 5 crore of unexplained
money in their business transactions. "The investigation is still
going on and we are yet to check 11 lockers that have been sealed for
further probing. The raids have also been conducted in Mumbai, Delhi,
Chennai, Karnataka and Uttarakhand," sources said. A total of 22
places have been covered in the raids.
Sources said that one of the companies was paying taxes only on 50% of
its profits. To hide unaccounted money, the company's CAs had floated
a dummy company as well as share holders on paper. I-T officials are
likely to inform the Indian Chartered Accountants Institute (ICAI)
about these CAs for their alleged involvement in the evasion.
On Thursday around 100 officials raided the offices of Ridhi Sidhi
Gluco at Ashram Road in the city and Jalaram Rice Mill at Bavla and
various other offices and residences of the owners.
Ridhi Sidhi Gluco is a company listed with the Bombay Stock Exchange
(BSE). The company is one of the largest starch producers in the
country while Jalaram Rice Mill, is a major exporter of basmati rice,
non-basmati rice, pulses and sugar among other agro-based products.
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