I-T dept conducts pan-India raids on Amtek Group: Sources
The Delhi income tax department has conducted pan-India tax raids on leading auto component supplier – the Amtek group, reports CNBC-TV18’s Ashwin Mohan quoting sources.
Taxmen have conducted pan-India tax raids on March 22 on the Amtek Group. As part of these operations, Amtek Auto Limited and Amtek India Limited were also covered by the Delhi investigative wing. Amtek is a leading auto component spare with strong global presence. It has also several big tickets clients of the likes of BMW, JLR and Honda.
Now what were the triggers? Sources say that the trigger was based on the premises of alleged suppression of income by the Amtek Group. This was a pan-India raids spread across six locations namely Delhi, Gurgaon, Noida, Ahmednagar, Rajasthan and Coimbatore. It comprised total of about 150 I-T officials.
There were a total of 39 premises that were covered, 17 of these premises were raided and the remaining 22 were surveyed. It is learnt that the Amtek Group is likely to have made an alleged disclosure of a whooping Rs 530 crore and that’s arguably the biggest disclosure that has been made by any corporate to the Income Tax Department during tax raids in FY10-FY11.
Amtek confirmed to CNBC-TV18 that there were search and survey operations on this company premises.
Amtek said that certain documents were taken away by the income tax department authorities, but the company categorically denied that the company made any sort of admission of undisclosed income. But Amtek also pointed out that they are co-operating with income tax department authorities. So quite clearly the Delhi taxman investigative wing is clearly catching up with the Mumbai’s taxman investigative wings procedures as far as tax raids on corporate India are concerned.
Read full article: Money Control
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