The Income Tax Department’s searches on the Bharat Hotels Group that runs a chain of luxury units under the Lalit Hotels brand has led to the detection of “undisclosed” foreign assets of over Rs 1,000 crore and huge black money that the business house has “stashed” abroad, the CBDT said on Friday.
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 that functions under its Chief Managing Director (CMD) Jyotsna Suri.
The department had launched raids at 13 premises of the group, Suri, and others on January 19 in and around Delhi.
“The investigation has successfully lifted the veil leading to detection of undisclosed foreign assets of more than Rs 1,000 crore, apart from domestic tax evasion of more than Rs 35 crore, which may lead to consequences under the Black Money Act, 2015, as also, action under the I-T Act, respectively,” the Central Board of Direct Taxes (CBDT) said.
“Foreign assets include investment in a hotel in the UK, immovable properties in the UK and the UAE and deposits with foreign banks,” it said.
The CBDT said the group is a “leading member of the hospitality industry, running a hotel abroad and a chain of luxury hotels under a prominent brand name situated at various locations in India”.
