I-T raids on ARL: Txn of Rs 100 cr suspicious

Jaipur: Income tax raids and surveys continued for the second day at ARL Group, the country’s largest asbestos sheet manufacturer and involved in cement corrugated roofs and pipe production and building construction. In income tax raids, success is being claimed in catching the tactics adopted by the group to save income tax.

In investigation conducted so far, officials are considering expenditure of around Rs 100 cr as suspicious. Apart from this, it has also been revealed that ARL is also showing many tricks to save income in sale of houses.

On the second day of the Income Tax raids conducted in RIICO’s Bagru Ind Area and Bindayaka, officials are suspecting that some of documents used in making wasteful expenditure are linked to bogus firms. I-T officials are reported to have seized cash worth Rs 70 lakh, investment worth crores in property and jewelery