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Amid spotlight on bank default; IT asks Rotomac to pay up Rs 106 cr

The department has also issued a notice to the group promoted by the Vikram Kothari family, wherein it has been asked why prosecution proceedings should not be initiated against promoters for alleged tax evasion

Amid spotlight on bank default; IT asks Rotomac to pay up Rs 106 cr

Amid spotlight on bank default nowadays, the Income tax department has asked the Rotomac group companies to pay up Rs 106 crore in tax after raids conducted in 2014.

This even includes, sources said, the subsequent assessment proceedings that led to detection of alleged income on which tax had not been paid.

The department has also issued a notice to the group promoted by the Vikram Kothari family, wherein it has been asked why prosecution proceedings should not be initiated against promoters for alleged tax evasion.

It need be mentioned that the Rotomac group is involved in an alleged Rs 3695 crore loan default to a consortium of state-backed lenders.

The tax department had on Monday attached four immovable properties of the Rotomac group. Three out of these properties are in Kanpur and one in Ahmedabad, it was informed.

Meanwhile certain sections of the media reported that Central Bureau of Investigation (CBI) has arrested Rotomac Global Pvt. Ltd directors Vikram Kothari and his son Rahul Kothari.

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Amid spotlight on bank default; IT asks Rotomac to pay up Rs 106 cr
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