Mumbai: Income Tax Department Raids Shah Papers Company Over Alleged Rs 350 Crore Tax Evasion
Mumbai, 11th April 2023: Shah Papers Company is under investigation for allegedly evading taxes amounting to Rs 350 crore. The Income Tax (IT) Department has been conducting a search operation since yesterday.
Today, Income Tax officials raided 18 locations linked to the company, including Vapi in Gujarat and Mumbai. The raid has resulted in the seizure of Rs 2 crore in cash and Rs 2 crore worth of jewelry so far. Shah Papers Company supplies to several large corporations.
TV 9 Marathi reported the news of the raid, and the duration of the action is currently unclear.
