Gujarat IT department detects Rs 111 crore of undisclosed income

Jul 05, 2012 |

Surat

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Gujarat's Income Tax department has detected allegedly undisclosed income of Rs 111 crore during a I-T survey on a transport and logistics firm.

"On the basis of evidences gathered and inquiries conducted, the taxpayer group has surrendered Rs 111 crore as undisclosed income," an I-T official said, adding the survey was conducted at three premises of the firm, involving around 25 I-T officials.

During the survey, documents pertaining to "undisclosed" income and investments in assets were found, he said.

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