In a written reply to the Rajya Sabha, S.S. Palanimanickam, Minister of State for Finance has said that GTL Infrastructure has said that it failed to disclose income of more than Rs 5 billion to the Department of Income Tax, say news reports.
In his response, Palanimanickam said that this was discovered after the Department conducted a search in 2010, as per the provisions of section 132 of the Income Tax Act 1961.
He added that the government had dealt with the situation through various measures as per the provisions of the direct tax laws that identify the method of investigation, assessment and recovery of the appropriate tax amount due to exchequer.
