Income Tax Department detects Rs 224 Crore black income after raids on Maharashtra-based Unicorn
The searches were carried out on March 9 at 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh.

In a major success, the Income Tax department has detected undisclosed income of about Rs 224 crore after it recently raided a unicorn start-up group based in Pune and Thane in Maharashtra, reported sources as being told by the Central Board of Direct Taxes on Sunday.
The searches were carried out on March 9 at 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh.
The group is engaged in wholesale and retail of construction materials and has a pan-India presence with an annual turnover exceeding Rs 6,000 crore, the CBDT, the policy-making body for the tax department, said in a statement. Unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized till now, it said.
The statement said it was found that the group has booked bogus purchases, made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs 400 crore.
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