NEW DELHI : The Income Tax department detected an undisclosed income of ₹180 crore during a raid at the premises of Pune-based housekeeping firm BVG, CBDT officials claimed late Thursday.
“The search was carried out based on specific information regarding the claim of bogus losses, bogus purchases and bogus sub-contract expenses,” the Central Board of Direct Taxes (CBDT) said in a statement.
The board did not identify the entity in the statement, but officials confirmed the case to be of the Bharat Vikas Group (BVG).
It, however, said the group has diversified business activities and provides services in areas such as mechanised house-keeping, landscaping and gardening, civil and electrical maintenance, fabrication services, turnkey solutions and logistic support, and other services required by government agencies and municipal corporations.
“The search and seizure action has led to unearthing of incriminating evidence regarding bogus claim of brought-forward losses of ₹91 crore pursuant to a scheme of de-merger which is not found in accordance with the provisions of I-T Act,” the statement said.
“Bogus expenses in the form of un-substantiated purchases to the tune of ₹77 crore have also been detected so far and further verification is in progress,” it said.
Evidence has also been found with in respect of cash expenses to the tune of ₹20 crore, according to the statement.
“Further, unaccounted cash of ₹60 lakh has been found. Several lockers have been found and put under restraint. Based on evidence unearthed so far, undisclosed income to the tune of₹180 crore, from assessment year 2016-17 onwards, has been detected,” it said.
Search proceedings are still under progress, it said.
The searches were carried out on Wednesday at over two dozen locations linked to the business group in Pune, Mumbai, Nagpur, Delhi, Bengaluru and Noida.
BVG Group chairman and managing director Hanumant Gaikwad had on Wednesday said in a statement that income taxofficials conducted routine searches at the premises of the company.
Gaikwad began with an NGO in the 1990s and launched the BVG in 1997 as a housekeeping company with one client and since then grew to employ 75,000, serving over 850 customers in 70 cities across 22 states.