I-T detects Rs 100 cr undisclosed income from 2 Maharashtra groups

CBDT said that so far, the search action on both groups has led to detection of unaccounted income of more than Rs 100 crore, and undisclosed assets of more than Rs 5 crore have been seized

The income-tax (I-T) department has detected undisclosed income of more than Rs 100 crore after it recently conducted searches on two ‘prominent’ Maharashtra-based business groups, the Central Board of Direct Taxes said in a statement on Friday.

The CBDT said the two businesses were engaged in sand mining, sugar manufacturing, road construction, health care, running of medical college, etc. “The search action covered more than 20 premises spread over Solapur, Osmanabad, Nashik, and Kolhapur districts of Maharashtra,” it said, but did not name the companies.

In the case of the group engaged in sand mining and sugar manufacturing, documentary evidences