New Delhi: The Income Tax Department raided the premises of the Chairman of Hotel Royal Plaza Ashok Mittal for allegedly stashing income of Rs 40 crore on foreign shores. "Foreign Asset Investigation Units (FAIUs) of Income Tax department has conducted this search for undisclosed assets held by Mittal abroad and possessing black money in foreign shores," the I-T officials told ANI adding that "in this regard 18 premises across Delhi, Mumbai and Daman were covered during the search operation."
A search was conducted this month including the locations of Hotel Royal Plaza, Lights Trading, and the real estate business. According to the Central Board of Direct Taxes (CBDT), during the course of the search operation, a large amount of incriminating evidence in the form of hard copy documents and digital data were found and seized.
The evidence indicated that the group had parked its undisclosed money abroad in certain low-tax jurisdictions. The group, through a Malaysia-based web of companies, had invested the funds in its hospitality business in India. It is estimated that the quantum of such funds exceeds Rs 40 crore. The evidence gathered indicates that the group has invested in a few companies abroad, which have been incorporated especially for commodity trading, the CBDT informed.
