The Income Tax department reportedly levied a Rs 4,000 crore fine on Shree Cement following a survey indicating improper claims of Rs 8,500 crore over nine years.
Conducted at five locations in June last year, the survey focused on deductions under section 80IA of the Income Tax Act from April 2014 to March 2023, as per a media report.
Raids were reported in Beawar, Jaipur, Chittorgarh, and Ajmer, with claims suggesting the use of fake bills for deductions under section 80IA.
The alleged claims were linked to a non-existent solid waste management plant, with the company reportedly claiming Rs 7,000 crore for its installation.
Similar claims for a water treatment plant and power supply were made, despite the absence of a water treatment facility. The authenticity of these claims hasn’t been independently verified by BW Businessworld.
No official statements have been released by either the company or the Income Tax department. Nonetheless, this alleged tax evasion is purported to be the largest case to date.
