Steel maker Bhushan Steel today said there was no merit in reports which suggested that it has admitted to tax evasion to the tune of Rs 502 crore in income tax (I-T) search operations conducted earlier this week, although it did not deny that searches were conducted at some of its offices.
"We strongly oppose to such news items which suggest that Bhushan Steel has admitted its liability to the tune of Rs 502 crore. In fact, it is clarified that there is no merit in such claims," the domestic steel maker added.
The taxmen had conducted search operations on Bhushan Steel, and Bhushan and Power.
"It is also clarified in respect to Bhushan Steel that in the said operation by the I-T officials search was conducted only at a handful of places and rest of the places were surveyed," it added.
Bhushan Steel added, "It is also pertinent to clarify that the news items suggesting bogus expenditure by the company is not true. Furthermore, it is clarified that there are no prohibitory orders against any of the bank accounts or bank lockers belonging to the company."
