Bhopal (Madhya Pradesh): The Income Tax raid on the Science House Group (SHG) concluded on Friday following searches at around 30 premises of the group in Bhopal, Indore and Mumbai.
Voluminous incriminating documents related to alleged tax evasion and bogus billing have been unearthed in the exercise, described as one of the biggest IT raids of the year so far.
Now, the IT department will issue the notices to all the people whose names have figured in the seized documents including dairies. The officials will record their statement. Several bank lockers detected during the raids are likely to be opened next week.
Sources said that the group expanded its net worth by indulging in unfair means to evade the tax. Activities such as bogus billing, I-T returns, bank accounts of group owner Jitendra Tiwari and his family members are under scrutiny.
