« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  SC to decide on expats' tax liability... US cos arms too can MAP tax disputes in India... » Income tax raids on Era Constructions unearth Rs 53 crore November, 03rd 2007 The income-tax department raids conducted recently on Era Constructions, a medium-size, listed company, have unearthed an undisclosed income of Rs 53 crore. Based on the incriminating documents seized and investigation conducted subsequently, the group admitted to undisclosed income of Rs 53 crore, said a press statement of the income-tax department without disclosing the name of the company. Cash amounting to Rs 1.75 crore was also seized in the course of search. When contacted, the income-tax spokesperson declined to comment on the name of the company. The sources, however, said that raids were conducted on the premises of Era Constructions, at 24 places spread over Delhi, Ghaziabad, Gurgaon, Meerut, Saharanpur, Pantnagar and Jaipur on October 24. Despite repeated attempts, Era officials could not be contacted. Era, which was incorporated in 1990, is engaged in construction activities for airports, power projects, infrastructure and residential buildings. The company got listed in 2005. In the year ended March, Era posted a net profit of Rs 79.12 crore on revenues of Rs 784.98 crore. The sources said the company has been found engaged in procuring bogus bills from its suppliers and inflating its expenses and reporting reduced profits leading to tax evasion. The main suppliers of bogus bills were operating from Ghaziabad and through their agents in Delhi. Some specific information in this regard was also received from the Directorate-General of Central Excise Intelligence, Delhi, said sources.