JSW makes alleged disclosure of Rs 260cr to I-T dept

Mon, Mar 21, 2011 at 12:07

It is taxing times for JSW Group companies JSW Steel and JSW Energy with the income tax (I-T) department raiding their premises on Wednesday. CNBC-TV18's Ashwin Mohan learns that the company has made about Rs 260 crore of alleged disclosure to the I-T sleuths.

Sources say these alleged disclosures are under the head of bogus capex and have been made only after questioning the senior management.

However, even as the raid on main company premises concludes, no cash seizure has been made, sources add.

Denying reports of I-T raids on company premises, JSW management has said that the I-T operations were a part of a routine survey and nothing else. (source : CNBC-TV18)