Madhya Pradesh (Gwalior) – The assessment of raids conducted by the income tax department three years ago on liquor trading Laxminarayan Ramaswaroop Shivhare & Company of Gwalior, ,has been completed. This action was so big that it took Bhopal-based IT Central Assessment Cell 2 years and 8 months to make the assessment.
The annual income of the company from the year 2010-11 to 2015-16 assesed by income tax department is Rs 1000 crore ,estimated tax is about Rs 450 crores. According to the income tax department experts, even if the company wants to appeal against the assessment, it will have to deposit 20 percent of the total tax. That means an appeal can be made only after depositing 20 per cent (Rs 90 crore) of Rs 450 crore.