I-T says unearthed Rs 122cr un-assessed income from ABG
Press Trust of India / Mumbai Oct 09, 2009, 20:55 IST
The Directorate General of Income Tax (investigation) today claimed it has unearthed Rs 122 crore 'un-assessed' income during its search operations at ship building and repairing major ABG Shipyard's establishments.
When contacted ABG Shipyard Chairman Rishi Agarwal denied it.
"The search operations yielded in the unearthing of Rs 122 crore un-assessed income," a senior Income-Tax official said here today.
The I-T department operations, which started on October 7 ended this morning, the I-T official said.
According to the official, the company recently bought a huge land in Dahej, Gujarat, where it is developing its shipbuilding facilities.
The documents of the land deal, on perusal, indicated that it had been undervalued. The documents showed that a large part of the payment for the land was made in cash, the I-T official said.
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