Shark Tank India pitchers confess to tax evasion of crores, Kunal Bahl cancels deal: ‘I can’t trust you’

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The brothers further impressed the ‘sharks’ with their financials. This year, they said, they’re projecting income of astir Rs 23 crore. But it was each excessively bully to beryllium true. When Namita Thapar asked them however overmuch nett they’re making each year, 1 of the brothers asked, “We state a antithetic amount, but we marque much than that.” Namita and the different ‘sharks’ understood what they meant, and asked wherefore they’re doing this. The brothers told the ‘sharks’ that they privation to put much wealth successful the business, and are going by the guidance of their chartered accountant. “If we prosecute an expert, who we judge to beryllium much knowledgeable than america successful a definite field, we volition judge them and spell by their recommendations,” Bhupendra said.

Anupam explained to them that taxation evasion is wrong, and that they could easy unafraid loans done authorities schemes if they declared their profits accurately. “If you support hiding your profits, sure, your institution volition grow, but it wont make an endeavor value,” said Kunal Bahl, who backed retired of the woody for this reason. He said that helium admires them immensely, but their taxation evasion has created doubts successful his mind. “I can’t spot your numbers. Perhaps you consciousness your’e losing wealth by paying taxes, but this is wrong. You cant evade taxes. That wealth volition beryllium utilized for the improvement of our country. If this contented didn’t exist, I would’ve invested,” helium said.

Anupam and Aman besides backed out, citing the aforesaid reason. But Ritesh Agarwal and Namita were prepared to marque the brothers an offer, connected the information that they wage their overdue tax, including each the penalties. They offered the entrepreneurs Rs 50 lakh for 1% equity, and Rs 50 lakh arsenic indebtedness against 9% interest, payable aft 5 years. The brothers agreed to the deal, and walked distant happy.