Unicorn infra.market under IT lens for alleged theft – Times of India

new Delhi: infra.marketAn online platform for building materials, under scrutiny tax department for alleged theft.
Although the officials did not name the company, but a statement issued by the company Central Board of Direct Taxes (CBDT) said that on March 9, a search and seizure operation was conducted on a rhinoceros located in Pune and Thane, which was mainly engaged in the wholesale and retail business of construction materials. A total of 23 premises were searched in Maharashtra, Karnataka, UP and Andhra Pradesh.
do The department also accused the group of “huge foreign money” routed through Mauritius by issuing shares at an extremely high premium. Tax authorities have raised similar concerns with several startups, which have often been denied by companies.
“During the search operation a large number of incriminating evidence in the form of hard copy documents and digital data has been found and seized. These evidences have revealed that the group has booked bogus purchases, spent huge unaccounted cash and houses Entries have been received, aggregating to the tune of over Rs 400 crore,” the statement said.
The group’s directors had to face the evidence and they allegedly accepted the modus operandi “under oath” and disclosed excess income of over Rs 224 crore in various assessment years, and consequently their due tax liability. offered to pay This (Income Tax) Department said.
When contacted by TOI, an infra.markets spokesperson said, “As per our company policy, we ensure to comply with applicable tax laws at all times. We will take care of all their queries related to any transaction in the department.” We will continue to work with you. As the investigation is still on, we await the final report for further comments.” The development could derail the Tiger Global-backed startup’s fresh fund-raising plans. Valued at around $2.5 billion (part of the Unicorn Club), Infra.Market, founded in 2016, claims to be one of India’s fastest growing startups.