Documents on tax evasion for Rs 40 crore seized

Palakkad, Nov 15 (UNI) Documents relating to tax evasion to the tune of about Rs 40 crore were seized in raids conducted by the Commercial Taxes Department at 31 iron and steel industrial units at Kanjikode in the district, Kerala Finance Minister T M Thomas Isaac said today.

Talking to mediapersons here, he said assistance of computer experts had been utilised for the raids carried out in three office permises. The actual amount of tax evation would be known only after detailed examination of the documents.

Dr Isaac said the raids, conducted on the basis of information, were held in industries having a turnover of more than Rs ten crore.

Raids on the houses of six big businessmen in Palakkad, Kozhikode and Kochi had also been carried out by the department.

During the raids it was also found out that three companies had not remitted Central Excise duty to the tune of Rs 3.63 core, Rs 3.58 crore and Rs 3.64 crore during the period between March 2004 and February 2006, he added.

The Finance Minister said a special squad would be formed with the officials from Central Excise, Electricity and Revenue departments to detect tax evasion and power theft.

UNI AR CGV2000