Unicorn Infra.Market :under I-T lens for alleged evasion

Posted Date : 22-Mar-2022 , 01:44:54 pm | Posted By CASANSAAR print

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Infra.Market, an online platform for construction materials is under the scanner of the tax department for alleged evasion.

While the authorities did not name the company, a statement issued by the Central Board of Direect Taxes (CBDT) said that on March 9, search and seizure operations were conducted on a Pune- and Thane-based unicorn, primarily engaged in the business of wholesale and retail of construction material. In all, 23 premises across Maharashtra, Karnataka, UP and Andhra Pradesh, were searched.

According to multiple reports, the details point to B2B e-commerce marketplace Infra.Market, backed by Tiger Global, Accel and Nexus and valued at $2.5 billion.

According to CBDT, the startup allegedly obtained huge foreign funding via the Mauritius route, issuing shares at an "exorbitantly" high premium.

The CBDT said a hawala network of some Mumbai and Thane-based shell companies has also been discovered that was involved with the case.

The startup, founded by Souvik Sengupta and Aaditya Sharda, said it is cooperating with the authorities and is providing all necessary information.

The Income-Tax department said on Sunday in a statement that it has found evidence that a startup based in Pune and Thane has not disclosed Rs 224 crore, without naming it.

The CBDT said unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized during the raids.

Author:

CA. DR. Gaurav Bhambri

Category : Corporate Law | Comments : 0 | Hits : 6294

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