Income Tax department unearths Rs 15.5 crore tax evasion by private firm

INDORE: Tax evasion to the tune of Rs 15.5 crore has been unearthed during an I-T raid at the offices of a city-based private firm, officials said here today.

A team of 35 Income Tax officials yesterday conducted the search at the offices of Sanghvi Food Products in Indore, Devas, Peethampur, Nimrani, and Bilwali, they said.

The firm deals in food packaging services and distribution of grocery items and had shown an annual income of Rs 11 crore in its returns. However, during raid it came to light that the company's actual annual income stands at Rs 23 crore, the officials said.

The firm has agreed to deposit Rs 15.5 crore for evading tax, they said.