IT Department asked Lodha Group to pay Rs 60 crore in taxes



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In January, the I-T department had raided about 20 premises of Lodha Group in Mumbai and Hyderabad on alleged misreporting of income. While examining the documents found at these premises, I-T officials came across details of bank lockers in the name of some of the company’s employees. When these lockers, in all 26, were raided, unaccounted cash running into crores of rupees were found. Five months after Income Tax department officials seized crores in unaccounted cash from lockers of the employees of real estate giant Lodha Group, it has asked the company to pay Rs 60 crore in taxes.

The raid was based on a tip off suggesting inflated expenditure using fake receipts and cash payments from clients. The raid had covered group chairman Mangal Prabhat Lodha and his two sons who are directors of the company. In the first raid itself, the department had found unaccounted Rs 6.5 crores in an employee’s Kalbadevi locker.

 

 

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