I-T raid at four Sangrur firms, Rs 2 cr seized

Sangrur, May 10

After a 17-hour-long survey, Income Tax sleuths seized Rs 2.01 crore of undisclosed income surrendered by four firms of Luxmi Traders here.

I-T teams conducted raids at the four firms on Wednesday. The raid continued till the wee hours of Thursday. They seized Rs 91 lakh from Luxmi Traders, Rs 60 lakh from Nutech Glass Private Limited, Rs 20 lakh from Nutech Lifecare and Rs 30 lakh from Luxmi Glass.

“We have imposed a tax of Rs 1.54 crore on the firms. Since they hid the real income and paid less tax, they have to cough up 77.26 per cent tax of the surrendered amount,” said Gagan Kundra, Deputy Commissioner, I-T, Sangrur. — TNS

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