Income Tax Department finds 200 cr black money after raids on Pune company


The Income Tax Department unearthed black money to the tune of ??200 crore are raids against a trade group based in Pune. Search and seizure operations were carried out at 25 locations in 7 cities on November 11, the Central Commission for Direct Taxes (CBDT) said in a statement on Tuesday.

The company is involved in the manufacture of heavy machinery such as excavators, cranes, concrete machines, etc., which are used in mines, pilings and ports, etc.

During the search, several incriminated documents and materials in the form of electronic data were found and seized, the direct tax authority said.

Analysis of seized evidence shows that the group of companies wiped out their profits by adopting various abusive practices, such as fraudulent declines in sales through credit notes, bogus expense claim through unjustified trade debts. , an inauthentic expense claim on unused charges for billing services, unverifiable commission charges to related parties, unjustified deferral of income and incorrect depreciation claims, etc.

In the case of related entities, evidence of dealer / broker inflows, unrecorded investments in properties, and unrecorded cash loans were also found and seized, CBDT said.

Unaccounted cash and jewelry ??1 crore was seized during the income tax raids. Meanwhile, three bank records found during the search were also placed in receivership.

“The search action led to the detection of total unrecorded revenues exceeding ??200 crores. On the above, the group of assessors has so far admitted to having unrecorded income of ??120 crore, ”said CBDT.

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