The Income Tax department on Monday concluded its raid on the premises of packaging company Uflex after six days.
According to sources, the agency has seized evidence to the tune of Rs 4,000 crores and unaccounted income of around Rs 1,001 crore.
The searches were conducted in more than 80 locations across the country by more than 900 income tax officials. At least 200 officials were involved in the searches in the Noida premises of Uflex.
As per the sources, the agency has seized over 100 harddisks and 50 diaries with information about alleged bogus transactions.
The company transactions were done through more than 60 shell companies owned by several families belonging to the economically weaker section.
The Income Tax Department team has sealed 28 bank lockers linked to the company and officials in different cities, which will be open as per the procedure.
It is believed that scrutiny of the seized documents will take a long time, and the concerned persons will be called to the office for enquiry.
Meanwhile, the assessment unit of income tax will now asses the tax liability, which will be imposed on the assessee on more than Rs 1,000 crores of undisclosed income.
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