Companies which deposited over Rs 25 crore in cash during demonetisation have sought two months’ time to furnish income proof to the Serious Fraud Investigation office (SFIO).
Of the 58 companies in the list, 18 had deposited around Rs 10,000 crore, each contributing over Rs 100 crore. The remaining companies deposited over Rs 25 crores each, totaling more than Rs 1,000 crores.
A source close to the development told Moneycontrol: “Companies want time to submit papers regarding cash deposit since they have time to deposit tax on this investment till March 31. Ideally, we also can’t treat them as black money if they submit tax on this money.”
Another source close to the development told Moneycontrol “These companies are taking time so as delay the investigation.”
Moneycontrol has a list of the companies, many of which are now dormant, and already been blacklisted by the government.
In this list, which was reviewed by Moneycontrol, the highest sum of cash was deposited by an Andhra Pradesh-registered company. Most of the companies are from RoC Delhi, Mumbai, and Andhra Pradesh.
Moneycontrol’s investigations further revealed that most of the 18 companies were operating under two different names. While one of them was active, the other was dormant and invariably used to route illegal money.moneycontrol