IT raid: DN Group evaded tax of Rs 90 crore

Bhubaneswar: Odisha’s real estate major DN Group, owned by Jagadish Naik, allegedly evaded income tax of Rs 90 crore, informed sources said on Tuesday.

The DN Group reportedly had undisclosed cash receipts to the tune of Rs 210 crore resulting in tax evasion of Rs 90 crore, said sources.

It is to be note here that officials of the Income Tax (IT) Department conducted raids at different places associated with the DN Group for at least for four consecutive days. The raid was conducted on the allegations of tax evasion.

The IT Department had seized cash to the tune of as much as Rs. 30 Crore from the house of Chandrashekhar Panda, the Director of DN Group of Companies. They also inspected and hard disk and several document during the raids.