I-T sleuths hint at tax evasion by steel majors

Ranchi: Income Tax (I-T) department on Thursday claimed that it has got clues regarding large scale tax evasion by steel barons Mongia Steel and the Saluja Steel during the ongoing raids conducted in different parts of the state. On Thursday, raids were conducted at around 30 places in Ranchi, Giridih and Deoghar districts.
A senior I-T official said that tax evasion through unaccounted sales and purchases and suppression of stock and net profits have been found in the operations. Several documents have also been seized in this regard. “Though the assessment process is underway, the violation should not be less than Rs 50 crore,” he said.
The tax department officials have called surveyors from Bokaro steel city to assess the stock of the steel companies, including raw materials and finished and semi-finished materials, in an impartial manner.
The department said that the raids would continue for a few more days.