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India tax department probe into Infra.Market finds bogus purchases, undisclosed income

The Indian Income Tax Department says it has found and seized “a large number of incriminating evidences” that reveals that a Pune and Thane-based unicorn startup, referring to Infra.Market, “booked bogus purchases” and disclosed an additional income of more than $29.4 million following a rare probe into a startup. Infra.Market — a startup, backed by Tiger Global, Nexus Venture Partners and Accel and valued at $2.5 billion, that helps construction and real estate companies procure materials and handle logistics for their projects — “made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs 400 crore [$52.7 million],” the department said in a statement to the press Sunday. The executives at the startup, when confronted by the tax authority, “admitted under oath this modus operandi, disclosed additional income of more than Rs. 224 crore [$29.49 million] in various assessment years, and consequently offered to pay their due tax liability,” the department said.

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