The Indian Technomac Company, involved in manufacturing refined noble alloys between 2009 and 2014 before it closed down its operations, has been accused of defrauding the tax department and government.
A fresh case of financial fraud has come to light involving Rs 6,000 crore by a Himachal Pradesh-based company. The Indian Technomac Company, involved in manufacturing refined noble alloys between 2009 and 2014 before it closed down its operations, has been accused of defrauding tax department and the government.
CPM MLA Rakesh Singha highlighted the issue in the state assembly. In a development in the case, an FIR has been registered by the Police, according to a Times of India report.
The company reportedly defrauded the government of Rs 2,175.51 crore in value added tax (VAT). It has been accused of taking the central sales tax exemption by showing forged documents and failed to deposit VAT, said the TOI report quoting its sources in the excise and taxation department.
Apart from the alleged tax fraud, the company has a liability of over Rs 4,000 crore towards banks, income tax department and other institutions. It includes a net liability of Rs 3,500 crore towards banks, Rs 780 crore towards IT department, and Rs 15-20 crore towards provident fund, labour department and electricity department.