I-T Dept unearths undisclosed income, assets from two corporate groups

I-T Dept unearths undisclosed income, assets from two corporate groups

  • Raids on Bharat Hotels Group in Delhi leads to detection of over ₹1,000 crore undisclosed foreign assets
  • While the policy-making body of the department did not take any names in the statement, official sources confirmed it to be the Bharat Hotels Group
I-T Dept unearths undisclosed income, assets from two corporate groups

The Income Tax Department has unearths undisclosed foreign assets of over ₹1,000 crore from the Bharat Hotels Group that runs a chain of hotels under the Lalit Hotels brand and over ₹500 crore of undisclosed income from a Tamil-Nadu based group running educational institutions.

The department said in a statement without naming the hotel group that searches were held in 13 premises of the group in the national capital region on Sunday. A government official, who spoke on condition of anonymity, confirmed to Mint the group involved was Bharat Hotels Group. The search operation revealed that a large amount of black money was stashed abroad by the group through trusts formed in early 1990s in tax havens, the statement claimed.

It added that the investigation has led to detection of undisclosed foreign assets of more than ₹1000 crore, apart from domestic tax evasion of more than ₹35 crore, which may lead to consequences under the Black Money Act, 2015 and under the Income Tax Act, 1961. An email sent to the hotel group seeking comments remained unanswered at the time of publishing.

In a separate statement, the tax department said that its searches on a group which runs a large number of schools and colleges in Chennai and Madurai region have led to admission of ₹532 crore as undisclosed income. It also said that around ₹2 crore of unaccounted cash has been seized. The search was conducted at the office of the trust which runs the institutions, residences of the trustees and key employees of the group. Search and survey operations were carried out at 64 places across the state and further investigations are under progress, said the tax department.

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