Documents on tax evasion of Rs 40 crore seized

Palakkad, Nov 15 (UNI) Documents relating to tax evasion 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 media here, he said the assistance of computer experts had been utilised for the raids carried out in three office permises. The actual amount of tax evasion 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 with a turnover of over 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 found out that three companies had not remitted Central Excise duty of Rs 3.63 core, Rs 3.58 crore and Rs 3.64 crore respectively during the period between March 2004 and February 2006, he added.

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

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