GTL Infra admits undisclosed income of Rs500 crore to IT Dept

Telecom company GTL Infrastructure has admitted undisclosed income of more than Rs500 crore to the Income Tax department, Parliament was informed on Friday.

"In consequence to a search action conducted in 2010, a group (GTL Infrastructure) had admitted undisclosed income of Rs500.65 crore," Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply today.

In a separate reply, the minister said the Enforcement Directorate has issued notices worth Rs22 crore in connection with Hawala transactions this year.

"During the current year up to October 2011, the Directorate of Enforcement has issued 117 show cause notices involving an amount totalling to Rs2246.31 lakh in respect of Hawala in contravention of the provisions of the Foreign Exchange Management Act (FEMA)," Palanimanickam said.

He said the agency takes action under FEMA provisions on the "basis of specific information".