New Delhi: Three months after the Income Tax department conducted searches on his businesses, liquor baron Ponty Chadha is said to have reported Rs 175 crore of `undisclosed` income to the department.
"The business group has admitted an undisclosed income of Rs 175 crore and further tax related proceedings are on," official sources said.
The IT department has begun the process of collecting tax on the concealed income after it recently got the challans (receipts) deposited after the raids from the business entities of Chadha, the sources said.
When contacted, officials of one of the companies owned by Chadha, refused to comment on the issue.
The sources said the I-T department, which conducted searches on the businessman`s premises on February 1, is still to finish its proceedings against the group as a number of bank guarantees are yet to be released.
The department is currently preparing the documents of the searches which will be sent to the Central range for tax assessment.
After the searches in February, the department had said it had seized Rs eleven crore in cash, jewellery and fixed deposits and sealed 13 bank lockers.
The I-T department conducted the searches on the businesses of Chadha and his associates in February covering 13 locations in Delhi including the posh Sainik Farms, Lajpat Nagar, New Friends Colony in Delhi and in six locations in Noida, Moradabad and Lucknow.