Vadodara: I-T department unearths unbilled Rs 180 crore from glass company

VADODARA: After the managing director of a glass manufacturing company was intercepted at the Vadodara airport with Rs 10 lakh in cash, the income tax (I-T) department conducted survey in the company’s premises and unearthed a huge amount of unaccounted money to the tune of Rs 170 to Rs 180 crores. Officials suspect this amount to be generated from the firm’s unbilled payments. The department is now verifying and tallying all the documents to gather more evidence.
The I-T officials also found some documents along with the money. “Our team analysed the documents and found that he was generating unaccounted cash from his business. So we launched a detailed investigations in the case,” an I-T official told TOI.
The investigation revealed that the proprietor was maintaining parallel accounts books and playing with the rates of his product. “He was selling his products at a certain amount, which he undervalued in the accounts books. He used to accept a portion of the payment in cash that was never accounted for,” the official explained.
The I-T officials scanned all the account books and physical documents of the past six years that were found at his company’s premises in Mumbai and Surat. “Our team surveyed for two nights and three days. The unaccounted income of last six years is somewhere around Rs 180 crore. He was underbilling his products in a major way and so, we have seized the bills,” the official said.
The investigation wing found that the company management stored their accounts in pen-drives and detachable hard disks instead of the computers not to leave any evidence of the fraud. “We will also investigate the exports that the company has done. The assessment officer will now study the case and then issue notice to the company,” the official added.