New Delhi, Oct 19: The Income Tax department has begun taking action against black money generated by the mining sector.
The Central Board of Direct Taxes (CBDT), the apex policy-making body of the I-T department, has recently issued orders to all tax offices to check any “discrepancies” in the financial statements filed and actual operations conducted by these companies after the Special Investigation Team (SIT) on black money took a serious view in this regard.
According to sources, a recent I-T investigation found that a number of discrepancies were found in the returns filed by some major firms involved in the mining of iron ore, manganese and others.
Earlier, several mining firms were figured in the probe report of Justice MB Shah Commission.
