Dept. conducted search on ‘Dainik Bhaskar’ Group; income escapment of Rs. 700 crore over 6 years detected
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- Last Updated on 27 July, 2021
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The Income-tax Dept. has carried out a search operation under section 132 of the Income-tax Act, 1961 on 22.07.2021 on a prominent business group, which is involved in businesses in various sectors, including Media, Power, Textiles and Real Estate.
The group has more than 100 companies including the holding and subsidiary companies. It was found that they have been operating several companies in the names of their employees, which have been used for booking bogus expenses and routing of funds.
Several of the employees, whose names were used as shareholders and directors, have admitted that they were not aware of such companies and had given their Aadhaar card and digital signature to the employer in good faith. The quantum of income escapement detected so far is Rs. 700 crore spread over a period of 6 years. However, the quantum may be more as the group has used multiple layers and investigations are being carried out to unravel the entire money trail.
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