IT raids on construction company

Income Tax sleuths conducted raids on a private construction company and recovered unaccounted money to the tune of Rs 8.4 crore, an IT official said today.

The raids was conducted at the offices of the Construction company ,two days ago ,in Bhagalpur, Ranchi, Jamtara and Kolkata, the sources said.

The IT sleuths detected "fudging of account" to the tune of Rs 8.4 crore. Unaccounted cash of Rs 41.50 lakh was also seized during the raids, he said.

The company was running 7 projects in Bhagalpur and other cities and showing "undervalued" sale of flats, the officer said.

Instance of diversion of profit and out of book cash have also been detected during perusal of accounts and other documents, he added.