GTL Infra admits undisclosed income of Rs 500 cr to I-T

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GTL Infra admits undisclosed income of Rs 500 cr to I-T

Press Trust of India / New Delhi 09 Dec 11 | 05:55 PM

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Telecom company GTL Infrastructure has admitted undisclosed income of over Rs 500 crore to the Income Tax (I-T) department, Parliament was informed today.

"In consequence to a search action conducted in 2010, a group [GTL Infrastructure] had admitted undisclosed income of Rs 500.65 crore," Minister of State for Finance SS Palanimanickam told Lok Sabha in a written reply today.

In a separate reply, the minister said the Enforcement Directorate has issued notices worth Rs 22 crore in connection with Hawala transactions this year.

"During the current year up to October 2011, the Directorate of Enforcement has issued 117 show cause notices involving an amount totalling to Rs 2246.31 lakh in respect of Hawala in contravention of the provisions of the Foreign Exchange Management Act [FEMA]," Palanimanickam said.

He said the agency takes action under FEMA provisions on the "basis of specific information".