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| Income Tax India |
The income tax department is surveying 10-12 premises of the Kanakia Group.
The Kanakia Group has interest in hospitality, real estate and entertainment. It also holds majority stake in Cinemax India.Cinemax India stock has dipped to 7.81% on the back of this update.
Sources added that Kanakia Group is unreachable for comments.
Raids on Amtek Group
Recently, on March 22nd, the Delhi income tax department conducted pan-India tax raids on leading auto component supplier - the Amtek group. As part of these operations, Amtek Auto Limitedand Amtek India Limited were also covered by the Delhi investigative wing.
Amtek is a leading auto component spare with strong global presence and has also several big tickets clients of the likes of BMW, JLR and Honda.
There were a total of 39 premises that were covered, 17 of these premises were raided and the remaining 22 were surveyed. It is learnt that the Amtek Group is likely to have made an alleged disclosure of a whooping Rs 530 crore and that's arguably the biggest disclosure that has been made by any corporate to the Income Tax Department during tax raids in FY10-FY11.
Amtek said that certain documents were taken away by the income tax department authorities, but the company categorically denied that the company made any sort of admission of undisclosed income.
The Kanakia Group and Amtek Auto are not the only ones to come under the I-T department scanner. I-T sleuths have conducted surveys, search and seizure operations at several companies in recent months, including JSW Steel and JSW Energy.
Sources: http://www.moneycontrol.com
