Chandigarh, May 5
The search and seizure operations conducted by the Income Tax (I-T) Department on the premises of manufacturers of Gagan Vanaspati, Amrit Banaspati Group, yesterday yielded rich dividends, as the owners of this group and their sister concern, ABC Paper Ltd, made a voluntary surrender of concealed income to the tune of Rs 55 crore. Besides, the raids led to the seizure of unaccounted cash of Rs 5.15 crore.
The department had seized Rs 4.8 crore cash yesterday and Rs 35 lakh was recovered today. Talking to The Tribune, Deputy director (Investigation), Rajinder Kaur, said Amrit Banaspati surrendered Rs 40 crore and ADC Paper Ltd surrendered Rs 15 crore. She said they would have to pay 35 per cent tax on this unaccounted income till March 31, 2012.
The seven lockers, which had been sealed by the department yesterday, were located in Chandigarh, Rajpura and Gaziabad, said officials.
The raids, carried out by almost 200 personnel of the I-T Department on over 12 premises including the main plant of Gagan Vanaspati, located at Rajpura, Punjab and its offices and residential premises of owners in Gaziabad and Noida in UP and Hoshiarpur and Chandigarh.
The raids were conducted under the supervision of Director Investigation RK Goyal. A team led by Rajinder Kaur started the survey last morning, which concluded this evening.
According to information, Amrit Corporation, formerly known as Amrit Banaspati Co Ltd, is a public sector company, listed on the stock exchanges at Mumbai and Kanpur. They set up various ventures, including edible oils, writing and printing paper, dairy milk and milk products and real estate business.
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