The Income Tax surveys on five premises of three city-based business establishments have yielded an undeclared income of Rs 13.80 crore.
Of the three firms whose business premises were searched by the sleuths of I-T department in the past two days, M/s Sailor Exports Pvt limited on Tuesday surrendered an undeclared income of Rs 5.20 crore, Kohinoor Elastics Pvt ltd surrendered a sum of Rs 3.60 crore, while the third firm Suman Phosphate and Chemicals ltd surrendered an undeclared income of Rs 5 crore before the I-T department here on Tuesday.
The sleuths of the I-T department carried out surveys at the business premises of three firms on Monday and it continued till Tuesday morning. During the course of surveys, the I-T department stumbled upon incriminating documents showing tax evasion by these firms to the tune of crores of rupees.
The surveys were carried out on the basis of analysis of their returns carried out by the department which were pointing out to the fact of capitalisation of unaccounted income through the balance sheet without subjecting it to taxation, abnormal ratio of turnover to stocks leading to belief that groups are suppressing the closing stocks, the addition in immovable assets pointing out to the fact of unaccounted investments effected in those assets and returning of miniscule net profit which was abnormally low to the turnover effected by these entities viz-a-viz results in the comparable cases.
The scrutiny of documents seized by the I-T officials during the course of surveys revealed that the firms surrendered additional income not only on account of stocks found in survey but not recorded in the books of accounts, investments in the properties not fully disclosed in the books of accounts and the undisclosed income shown as share application money and share premium account in the books of accounts. The profit suppressed was diverted as unaccounted loans generating interest income in hands of individuals which was not offered for taxation.
Of three firms, M/s Sailors Exports Pvt ltd is processor, supplier and exporter of pulses & spices and trading in commodities, Kohinoor Elastic Pvt ltd is a manufacturer of elastic taps, while Suman Phosphate & Chemicals limited is a manufacturer of pesticide material.