The Income-Tax Department has conducted searches on the Bharat Hotels Group which runs the Lali Hotels chain has resulted in the discovery of the "undisclosed" foreign assets which is worth more than Rs 1,000 crore.
The Central Board of Direct Taxes (CBDT) said that the hotelâs chain has stored black money in huge amounts abroad.
"The investigation has successfully lifted the veil, leading to detection of undisclosed foreign assets of more than Rs 1,000 crore, apart from domestic tax evasion of more than Rs 35 crore which may lead to consequences under the Black Money Act, 2015, as also, action under the I-T Act respectively," the board said.
"Foreign assets include investment in a hotel in UK, immovable properties in UK and UAE and deposits with foreign banks," the board added.
The CBDT has issued a statement to confirm the raids and termed the chain group as, "leading member of the hospitality industry, running a hotel abroad and a chain of luxury hotels under a prominent brand name situated at various locations in India".
"The search operation has so far resulted in seizure of unaccounted assets valued at Rs 24.93 crore that includes Rs. 71.5 lakh in cash, jewellery worth Rs 23 crore and expensive watches valued at Rs 1.2 crore," the statement added.
In recent times, financial crimes have been hitting the headlines at regular intervals. Recently Ramaji Raoâs Margadarsi case was heard by the supreme court. Now the hotel chain hit the headlines.
The Central Board of Direct Taxes (CBDT) said that the hotelâs chain has stored black money in huge amounts abroad.
"The investigation has successfully lifted the veil, leading to detection of undisclosed foreign assets of more than Rs 1,000 crore, apart from domestic tax evasion of more than Rs 35 crore which may lead to consequences under the Black Money Act, 2015, as also, action under the I-T Act respectively," the board said.
"Foreign assets include investment in a hotel in UK, immovable properties in UK and UAE and deposits with foreign banks," the board added.
The CBDT has issued a statement to confirm the raids and termed the chain group as, "leading member of the hospitality industry, running a hotel abroad and a chain of luxury hotels under a prominent brand name situated at various locations in India".
"The search operation has so far resulted in seizure of unaccounted assets valued at Rs 24.93 crore that includes Rs. 71.5 lakh in cash, jewellery worth Rs 23 crore and expensive watches valued at Rs 1.2 crore," the statement added.
In recent times, financial crimes have been hitting the headlines at regular intervals. Recently Ramaji Raoâs Margadarsi case was heard by the supreme court. Now the hotel chain hit the headlines.