Real estate and hospitality major Eros Group, whose premises were searched by Income Tax authorities, has admitted to unaccounted income of Rs 40 crore (Rs 400 million) and paid Rs 13 crore (Rs 130 million) as tax, a Central Board of Direct Taxes spokesman said on Wednesday.
"During the search, the Eros group admitted to unaccounted income of Rs 40 crore, for which they paid Rs 13 crore as tax by cheque," CBDT spokesman A K Sinha told PTI.
"The searches were completed. We have also seized some jewellery and incriminating documents. Further investigation is on," he said.
The authorities searched the residential and business premises of Eros group, promoted by J R Sood, in Delhi, Gurgaon, Faridabad and Noida during the last two days.
The searches were carried out on the basis of specific information about the group, which has major holding in Delhi's hotel Shangri-La, hotel Intercontinental Eros and Hotel Royal Park.
The Eros group is a Rs 2,500 crore (Rs 25 billion) company with interest in real estate, hospitality and technology. The company also owns two theatres -- Vishal and Eros -- in the city.
The group also owns business centres -- the International Trade Tower, American Plaza and Corporate Tower in New Delhi.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group
