Sree Gokulam Chits had Rs.1,107 crore Income :IT dept

New Delhi, April 23: As we know that, the Income Tax (IT) Dept had conducted a raid on Sree Gokulam Chits across three states in a few days ago.

They had revealed that the group had not disclosed income to the tune of Rs. 1,107 crore in the last five years.

A senior I-T official from the investigations department told media, "We have found that they have not disclosed income of more than Rs. 1,107 crore. This is for a period of five years."

From the Rs. 1,107 crore, Rs. 118 crore consisted of bad debts that had been recovered and Rs. 80 crore was undisclosed interest income. "The company had some bad debts, which they recovered, but did not show in their books. Similar was the issue with interest income," the investigating officer said.



According to the taxmen, the company will now have to explain undisclosed income. "They will have to pay a tax on this, and interest would be charged and also a penalty would be levied".

"The amount would differ for each year. This amount pertains only to the chit funds division," said an official.

A hospital and a medical college owned by the group are also under the scanner.