IT Department Detects Multi-Million Dollar Tax Evasion After Raids On Maharashtra Groups – The New Indian Express


Through PTI

NEW DELHI: The Income Tax Department has detected a multi-million dollar tax evasion after recently raiding two Maharashtra-based groups engaged in civil construction and land development, respectively, said the CBDT on Tuesday.

The searches were carried out on December 22 at more than 25 premises of unidentified groups in the Nandurbar, Dhule and Nashik districts of the state.

In the case of entities belonging to the first group, the tax authorities found that they resorted to “massive suppression of taxable income by inflating their expenses, mainly through the claim of inauthentic subcontracting expenses and ‘former various unverifiable creditors,’ the Central Commission for Direct Taxes (CBDT) said in a statement.

These subcontracts were awarded to family members and their employees who did not render services in this regard, the governing body of the tax department said.

“Evidence was also gathered regarding unrecorded expenses incurred in cash.

The preliminary investigation indicates that this group has escaped income of around Rs 150 crore due to the above bad practices, ”the statement said.

“In the case of real estate developers, he said, the department found that a substantial part of the land transactions were made in cash which is not recorded in the regular books of account.” … documents incriminators attesting to the receipt of “on-money” (in cash) on land transactions and cash loans exceeding 52 crore rupees were seized, “he said.

The department also seized 5 crore rupee cash and jewelry of a similar value (5 crore rupee) during the raids against the two groups, the CBDT said.

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