Evasion of 2000 Cr Income Tax by Alllana Group

Evasion of 2000 Cr Income Tax by Alllana Group Almost after 3 months of Alllana Group survey income tax department found that Indias largest buffalo meat exporter has allegedly evaded paying Rs 2,000 crore worth of tax.The alleged evasion was done by under-invoicing exports and inflating expenses. The findings will now be shared with the assessment wing of the income-tax department that will serve notices on the company. The tax department will then issue an order based on its findings. According to the IT officials a report has been prepared and the findings will be shared with the assessment wing, said one of the officials cited above. Based on the findings, the company will be served a notice by the assessment wing to explain its case and the assessment officer will conduct a probe and issue the order The company has the option to appeal against the order. According to the companys website, Allana group, established in 1865, is Indias largest exporter of branded processed food products and agri commodities. In January the Mumbai wing of the I-T department had surveyed around 50 premises of the group companies. The survey action was carried under section 133 (A) of the Income Tax Act that empowers the agency to conduct surveys and inspect books of accounts and other documents. When contacted, Allana group refused to comment, while email sent to the company didnt elicit any response till press-time. Based on specific information, the survey was carried out in January across various locations.The enquiry has now been completed and there have been instances of evasion reported mainly in under-invoicing the export and inflating the expenses.