Ponty Chadhas Rs 175 cr undisclosed income

By: admin
Updated: 14 May 2012 06:52 AM

New Delhi: Three months
after the Income Tax department conducted searches on his businesses,
liquor baron Ponty Chadha is said to have reported Rs. 175 crore of
'undisclosed' income to the department.

"The business group has
admitted an undisclosed income of Rs. 175 crore and further tax related
proceedings are on," official sources said.

The Income Tax
department has begun the process of collecting tax on the concealed income
after it recently got the challans (receipts) deposited after the raids
from the business entities of Chadha, the sources said.

contacted, officials of one of the companies owned by Chadha, refused to
comment on the issue.

The sources said the Income Tax department,
which conducted searches on the businessman's premises on February 1, is
still to finish its proceedings against the group as a number of bank
guarantees are yet to be released.

The department is currently
preparing the documents of the searches which will be sent to the Central
range for tax assessment.

After the searches in February, the
department had said it had seized Rs. eleven crore in cash, jewellery and
fixed deposits and sealed 13 bank lockers.

The Income Tax
department conducted the searches on the businesses of Chadha and his
associates in February covering 13 locations in Delhi including the posh
Sainik Farms, Lajpat Nagar, New Friends Colony in Delhi and at six
locations in Noida, Moradabad and Lucknow.