Cooperating with I-T dept: JBM group after cash, gold recovery

A Gurgaon-based auto parts manufacturing firm today said it was cooperating with the authorities, a day after the Income Tax Department carried out searches against it and others.

Officials from the I-T department had visited some facilities of the JBM Group for inspection yesterday, and the staff cooperated with them fully, a company spokesperson said.

"The reported matter is under investigation and as a responsible corporate entity we are providing all required information to government authorities," the spokesperson said.

Efforts to obtain a comment from the firm had not yielded any response yesterday.

The department had conducted raids at about 30 locations in Delhi, Gurgaon and few other cities in north India as part of its operation to check tax evasion, I-T Department officials had said.

They had said the premises of the firm -- Jai Bharat Maruti Group -- and its chairman S K Arya were raided and tax sleuths recovered Rs 7 crore cash and about three kilograms of gold, including some jewellery.

Some cash and gold which was allegedly concealed under a bed and in a bathroom was also recovered, the tax officials had claimed.

However, the spokesperson said that "nothing has been recovered from the house and office of Arya", but did not contradict the amount of cash and gold recovered during the raids.

According to the company's website, the JBM Group has a turnover of USD 1.2 billion with a diversified presence in automotive, engineering and design services, renewable energy and education sectors.

It has 35 manufacturing plants and four engineering and design centres across 18 locations globally.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)