In the latest startup news that is stirring trouble, the Income Tax department has detected "undisclosed" income of more than ₹ 224 crore after it recently raided Maharashtra-based unicorn start-up Infra.Market
The Rs 6000 cr start up said it is cooperating with the authorities and is providing all necessary information after the IT department revealed the findings of searches conducted over 23 premises of the B2B e-commerce platform.
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The CBDT said unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized till now. It also said the group has booked bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries, aggregating to the tune of over Rs 400 crore.