Rs. 200 cr. tax evasion in iron trade detected

CHANDIGARH, AUG. 9. The Punjab excise and taxation department has detected a Rs. 200-crore tax evasion scandal in iron trade during its statewide raid campaign against corruption.

The detection came to light at Mandi Gobindgarh iron wholesale market in Fatehgarh Sahib district, when the department's enforcement wing raided four premises of an iron dealer on July 21 and recovered evidence of unaccounted sales and purchases, according to an official spokesman.The documents showing unaccounted trade worth more than Rs. 200 crore over a period of 12 to 15 months, were hidden in a cattleshed godown owned by the firm.The modus operandi was issuing of bogus bills of other firms who either willingly allowed them to use their bill books for a consideration or sometimes were not even aware of it, the spokesman said.

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Section  : Other States
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