Dhanbad, Aug. 30: Four premises owned by Dhansar Engineering Company Pvt. Ltd (DECO), an engineering and construction firm with roots in Jharkhand, were raided in Dhanbad on Thursday by income tax authorities as part of a nation-wide search to detect tax evasion to the tune of Rs 50 crore.
A 25-member income tax team that began carrying out the raids at 8.30am, seized Rs 5 lakh in cash and incriminating documents besides details of over 40 bank accounts operated by the company in various parts of the country. The team also got clues to property worth Rs 10 crore owned by the company.
The I-T officials who reached the Dhansar-based office of the company owned by Alok Agarwal, also raided his home in the same locality. Simultaneous raids were also conducted on the premises of associate company Black Diamond Explosives Pvt. Ltd. and the house of the latter’s owner Alok Khetan in Joraphatak area.
Sources said the tax evasion pertained to the period 2007 to the present. The income tax authorities had also detected tax evasion to the tune of Rs 60 crore during a similar raid in 2007.
When contacted, additional director (investigation) Amresh Tiwari confirmed the raid but refused to elaborate stating that searches were still on.
Notably, the Rs 500 crore company, which files an annual income tax return of around Rs 4.5 crore, was in the news recently over the war of words between Dhanbad MP P.N. Singh and deputy mayor Niraj Singh.
Read full article: Telegraph India