Tuesday, October 04, 2022

News Destination For The Global Indian Community

News Destination For The Global Indian Community

TRENDING NEWS
LifeMag
Income Tax finds unaccounted transactions over Rs 1K cr during searches

Income Tax finds unaccounted transactions over Rs 1K cr during searches

The Income Tax Department on Tuesday said it had carried out a search and seizure operation on July 20 on the premises of a prominent business conglomerate engaged in diversified fields of textiles, chemicals, packaging, real estate and education.

The search action has resulted in unearthing unaccounted transactions exceeding Rs 1,000 crore.

So far, unaccounted cash of Rs 24 crore and unexplained jewellery, bullion etc. valued at Rs 20 crore have been seized during the course of the search.

The official said that the search action covered a total of 58 premises, spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata.

"As a result of the search operation, various incriminating evidence in the form of documents and digital data has been found and seized. This evidence reveals that the group has been engaged in large scale tax evasion by adopting various methods, including, by way of unaccounted cash sales outside the books of account, booking of bogus purchases and on-money receipts from real estate transactions," said the official.

The official further said that the group has also been found involved in the layering of unaccounted sums through share premium from Kolkata-based shell companies. Certain instances of unaccounted income generated through cash-based 'sarafi' (unsecured) advances made have also been found.

It was also found that the group has been involved in profiteering through the manipulation of share prices of its listed companies through operators.

Evidence seized also reveals that the group has been siphoning off funds through fictitious entities for the personal use of promoters, officials said.

Income Tax finds unaccounted transactions over Rs 1K cr during searches

Income Tax finds unaccounted transactions over Rs 1K cr during searches

The Income Tax Department on Tuesday said it had carried out a search and seizure operation on July 20 on the premises of a prominent business conglomerate engaged in diversified fields of textiles, chemicals, packaging, real estate and education.

The search action has resulted in unearthing unaccounted transactions exceeding Rs 1,000 crore.

So far, unaccounted cash of Rs 24 crore and unexplained jewellery, bullion etc. valued at Rs 20 crore have been seized during the course of the search.

The official said that the search action covered a total of 58 premises, spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata.

"As a result of the search operation, various incriminating evidence in the form of documents and digital data has been found and seized. This evidence reveals that the group has been engaged in large scale tax evasion by adopting various methods, including, by way of unaccounted cash sales outside the books of account, booking of bogus purchases and on-money receipts from real estate transactions," said the official.

The official further said that the group has also been found involved in the layering of unaccounted sums through share premium from Kolkata-based shell companies. Certain instances of unaccounted income generated through cash-based 'sarafi' (unsecured) advances made have also been found.

It was also found that the group has been involved in profiteering through the manipulation of share prices of its listed companies through operators.

Evidence seized also reveals that the group has been siphoning off funds through fictitious entities for the personal use of promoters, officials said.

Leave a comment

Comments (0)

Related Articles

Opinion Express TV

Shapoorji Pallonji

GOVNEXT INDIA FOUNDATION

CAMBIUM NETWORKS TECHNOLOGY

Opinion Express Magazine

TRANS GLOBE ADVISORS