Highlights

Income Tax Department said the startup has an undisclosed income of Rs 224 crore
Searches were carried out at 23 premises

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Startup scandal! Tax raids reveal undisclosed income at one of the fastest growing unicorns

Name: Startup scandal! Tax raids reveal undisclosed income at one of the fastest growing unicorns
Uploaded: 2022-03-21T11:45:22.000+05:30
Duration: T00M43S
Channel: EJ Biz Desk
Description: 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.MarketTh...

Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a business-to-business (B2B) e-commerce firm.

Updated: Sep 02, 2022 10:53

EJ Biz Desk

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Startup scandal! Tax raids reveal undisclosed income at one of the fastest growing unicorns

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.

Read/Watch Also: Startup founder lashes out at investors

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.

Frequently Asked Questions

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Infra.Market

What amount of undisclosed income was detected by the Income Tax department?❯

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