'Tulip owes Rs 300 crore to govt'

NEW DELHI: IT company Tulip Telecom is believed to have declared income tax dues of over Rs 300 crore after the I-T department searched its premises last month.

Sources said the department has found bogus entries of monetary transactions by the firm. Documents are being scrutinised regarding evasion to the tune of Rs 305 crore, they added.

The department had conducted searches in at least six to seven premises of the IT firm in the national capital region last month. It is also searching about 20 lockers of the firm in this connection.

When contacted, Tulip Telecom CMD Lt Col H S Bedi did not give the exact amount declared to the tax department. "Tulip telecom is providing all information to the authorities and will respect disallowance if any," he said in an email reply.

Bedi said that the income-tax department conducted searches at some offices of Tulip Telecom Ltd and Tulip has made available all information on the allowances for exemption under section 80 I (A) of the Income Tax Act which pertain to exemptions for income from infrastructure.