Quick Summary
The Income Tax Department carried out a search and seizure operation on 23.09.2021 on a group of four major Steel Rolling Mills based in Jalna, Maharashtra. These companies are engaged in the business of manufacturing steel TMT bars and billets mostly using steel scrap as raw material. The operation was conducted in more than 32 premises spread across Jalna, Aurangabad, Pune, Mumbai and Kolkata. During the course of the search and seizure operation, many incriminating documents, loose she
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FAQ :
The Income Tax Department conducted a search and seizure operation on four major steel rolling mills.
The searches took place across more than 32 premises in Jalna, Aurangabad, Pune, Mumbai, and Kolkata.
Incriminating documents, digital evidence, unaccounted cash of over Rs. 2.10 crore, jewellery worth Rs. 1.07 crore, and evidence of unaccounted purchases exceeding Rs. 200 crore were found.
Evidence suggests the unaccounted income is likely to exceed Rs. 300 crore.
Yes, the four companies have disclosed additional income to the extent of Rs. 71 crore as a result of the search.
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