The Central Board of Direct Taxes on Saturday claimed to have detected "fictitious transactions" of ₹2,200 crore after the Income Tax Department carried out multi-city raids against the Dainik Bhaskar media group early this week.
While the statement did not name the group, PTI reported that official sources had identified it to be the Dainik Bhaskar group which is involved in various business sectors like media, power, textiles and real estate with a group turnover of more than ₹6,000 crore per annum.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
The tax body also alleged the media group had evaded tax to the tune of ₹700 crores