GTL Infra admits undisclosed income of Rs 500cr to I-T Dept

NEW DELHI: Telecom infrastructure company GTL has admitted to undisclosed income of more than Rs 500 crore to the Income Tax department, Parliament was informed today.

"In consequence to a search under section 132 of the Income Tax Act 1961 conducted in 2010, a group had admitted undisclosed income of Rs 500.65 crore," Minister of State for Finance S S Palanimanickam told the Rajya Sabha in a written reply today.

He was answering a question on whether there has been tax evasion by GTL to the tune of Rs 500 crore.

Asked about the action taken by the government, Palanimanickam said, "Government takes various actions as per provisions of the direct tax laws to investigate, assess and recover proper taxes due to exchequer."

The provision for furnishing information as regards particular taxpayers is given under section 138 of the I-T Act, 1961, he added.