The Income tax department has accused Shree Cement of tax evasion of Rs 23,000 crore. As per the report, the IT department has raided several locations of Shree Cement in Rajasthan on the suspicion of tax evasion and found that Shree Cement has been involved in India\u2019s biggest tax fraud ever.<\/p>\n\n\n\n
The Income Tax Department continued their tax search against the Kolkata headquarters of Shree Cement firm for the second time this week. The officials have recovered forged documents in their search. The Shree Cement company has been one of the top cement firms, their deduction claim was found to be false, officials said.<\/p>\n\n\n\n
The reports added that the company has been committing tax evasion of Rs 1200 to 1400 crore every year. Due to this, both central and state government has suffered a huge loss of revenue. The officials have seized several agreements related to the irregularities. <\/p>\n\n\n\n
According to the information given by the IT department, when the concerned members of the group were questioned in a tax fraud case, they refused to share any information. Members claimed that they did not have any information in this regard. The Chairman HN Banger and Vice Chairman Prashant Banger of the Shree group have moved out after the raid. Group\u2019s President Arvind Khinkha was also called several times during the search by the IT department for questioning in this matter, but he did not cooperate with the Department.<\/p>\n\n\n\n
Furthermore, the other senior position holders in the Group like Managing Director Neeraj Akhori, Director Nitin Desai, Director Shrikant Somani, and CFO Subhash Jaju were out of contact with the IT department.<\/p>\n\n\n\n
Shares of Shree Cement were in a downtrend after the news of the raid broke out. The company stock fell 4.43 percent on the Bombay Stock Exchange in 5 trading days of the entire week. On Friday, it closed at Rs 25,150 with a decrease of 1.83 percent. The group\u2019s market capital has come down to Rs 90,743 crore. <\/p>\n","protected":false},"excerpt":{"rendered":"
The Income Tax Department continued their tax search against the Kolkata headquarters of Shree Cement firm for the second time this week. The officials have recovered forged documents in their search. The Shree Cement company has been one of the top cement firms, their deduction claim was found to be false, officials said.<\/p>\n","protected":false},"author":4,"featured_media":477877,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1497,125714],"tags":[526,159229,159228,2308],"yst_prominent_words":[3788,22300,4082,25099,21004,4077,4075,6114,3904,20984,26833,24427,4076,25092],"ppma_author":[140543],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/d2r2ijn7njrktv.cloudfront.net\/apnlive\/uploads\/2023\/06\/25133414\/Shree-cement-fraud.jpg","jetpack_sharing_enabled":true,"authors":[{"term_id":140543,"user_id":4,"is_guest":0,"slug":"apnnewsdesk","display_name":"APN Live","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/478eacb893eda88aa6ed8d99b005bf58?s=96&r=g"}],"_links":{"self":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/477849"}],"collection":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/comments?post=477849"}],"version-history":[{"count":0,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/477849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media\/477877"}],"wp:attachment":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media?parent=477849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/categories?post=477849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/tags?post=477849"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=477849"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/ppma_author?post=477849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}