News Analysis India

Tag: Income Tax Department

  • IT Department raids SAD MLA Manpreet Singh Ayali’s house in Ludhiana

    By ANI

    LUDHIANA: The Income Tax Department raided Shiromani Akali Dal (SAD) MLA Manpreet Singh Ayali’s residence on Tuesday morning, sources said.

    Income Tax officials reached the MLA’s residence at 6 am and the raid is still underway.

    In the 2017 state Assembly elections, Aam Aadmi Party’s HS Phoolka had won from the Dakha constituency. Following his resignation, a by-election was held here in which SAD leader Manpreet Singh Ayali became the MLA defeating Congress candidate Captain Sandeep Sandhu.

    SAD has fielded Ayali from the seat once again in the upcoming Punjab Assembly polls scheduled to be held early next year.

  • Rs 600 crore black income unearthed after tax dept raids on two Gurugram groups: CBDT

    The searches were carried out on November 10 on the groups, one engaged in real estate and hospitality and the other a tools and equipment manufacturing group, CBDT said in a statement.

  • IT department detects Rs 200 crore black money after raids on dry fruits traders

    By PTI

    NEW DELHI: The Income Tax Department has detected unaccounted income of over Rs 200 crore after it recently raided people engaged in dry fruits trade located in Jammu and Kashmir and Punjab, the Central Board of Direct Taxes (CBDT) said on Friday.

    The searches, it said in a statement, were carried out on October 28. The group has been “inflating” purchases of dry fruits exorbitantly over the years.

    “Seized evidence also supports the fact that unaccounted cash has been received back by the directors of the group against payment made for such purchases.

    “one of the assessees was maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts,” the statement said.

    One of the groups, the policy-making body for the tax department alleged in the statement, also indulged in unaccounted purchases and sales of dry fruits. “Excess stock to the tune of Rs 40 crore has been found. The analysis of seized material and evidence collected reveals that one of the groups is also running a benami proprietary concern,” it claimed.

    In both the groups, the claim of deduction under section 80IB (deduction in respect of profits and gains from certain industrial undertakings) of the Income Tax Act has been found to be “not genuine” and is estimated to be around Rs 30 crore, it claimed.

    “The search action has resulted in the seizure of unaccounted cash of Rs 63 lakh and jewellery of Rs 2 crore and detection of unaccounted income exceeding Rs 200 crore,” it said. Fourteen bank lockers were put “under restraint”, it added.

  • IT department detects Rs 200 crore unaccounted income after raids on dry fruits traders

    By PTI

    NEW DELHI: The Income Tax Department has detected unaccounted income of over Rs 200 crore after it recently raided people engaged in dry fruits trade located in Jammu and Kashmir and Punjab, the Central Board of Direct Taxes (CBDT) said on Friday.

    The searches, it said in a statement, were carried out on October 28. The group has been “inflating” purchases of dry fruits exorbitantly over the years.

    “Seized evidence also supports the fact that unaccounted cash has been received back by the directors of the group against payment made for such purchases.

    “one of the assessees was maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts,” the statement said.

    One of the groups, the policy-making body for the tax department alleged in the statement, also indulged in unaccounted purchases and sales of dry fruits. “Excess stock to the tune of Rs 40 crore has been found. The analysis of seized material and evidence collected reveals that one of the groups is also running a benami proprietary concern,” it claimed.

    In both the groups, the claim of deduction under section 80IB (deduction in respect of profits and gains from certain industrial undertakings) of the Income Tax Act has been found to be “not genuine” and is estimated to be around Rs 30 crore, it claimed.

    “The search action has resulted in the seizure of unaccounted cash of Rs 63 lakh and jewellery of Rs 2 crore and detection of unaccounted income exceeding Rs 200 crore,” it said. Fourteen bank lockers were put “under restraint”, it added.

  • Income tax department serves notice to UP rickshaw puller asking him to pay over Rs 3 crore

    By PTI

    MATHURA: A rickshaw puller approached the police in this Uttar Pradesh district on Sunday after he was served a notice by the Income Tax (IT) department, asking him to pay over Rs 3 crore.

    Pratap Singh, a resident of Amar Colony in the Bakalpur area here, submitted a complaint at the Highway police station, claiming fraud after he received the notice from the IT department.

    Station House Office (SHO) Anuj Kumar said no case was registered on the basis of Singh’s complaint but the police will look into the matter.

    Meanwhile, Singh uploaded a video clip on social media in which he narrated the sequence of events.

    He said on March 15, he applied for a PAN card at the Jan Suvidha Kendra in Bakalpur, owned by Tej Prakash Upadhyay, as his bank had asked him to submit it.

    Subsequently, he got a coloured photocopy of the PAN card from one Sanjai Singh of Bakalpur. Since he is illiterate, he could not differentiate between an original PAN card and a coloured photocopy of the same, the rickshaw puller said in the clip.

    He had to run from pillar to post for about three months to get his PAN card. Singh said he got a call from IT officials on October 19 and was served a notice, asking him to pay Rs 3,47,54,896.

    He said the officials told him that someone had impersonated him and obtained a GST number on his name for running a business and the turnover of the trader for 2018-19 was Rs 43,44,36,201.

    Singh said he was advised by the IT officials to get an FIR lodged as somebody had committed fraud impersonating him.

  • I-T department detects tax evasion worth crores after raids on two business entities

    By PTI

    NEW DELHI: The Income Tax Department has detected tax evasion worth crores of rupees after it raided a group engaged in digital marketing and another entity engaged in solid waste management, the CBDT said on Sunday.

    The searches were carried out on October 12 in a number of states.

    The first group is engaged in digital marketing and campaign management and the raids were carried out at seven premises located in Bengaluru, Surat, Chandigarh and Mohali, the Central Board of Direct Taxes (CBDT) said in a statement “Incriminating evidence found reveals that the group has been engaged in obtaining accommodation entries (bogus business entries) using an entry operator.

    The entry operator has admitted to have facilitated transfer of cash and unaccounted income of the group through hawala operators,” it alleged.

    Inflation of expenditure and under-reporting of revenue has also been detected and the group has also been found to be indulging in unaccounted cash payments, the CBDT said.

    The department found that personal expenses of the directors have been booked as business expenses in the books of accounts.

    “Luxurious vehicles used by the directors and their family members are found to have been purchased in the names of employees and entry provider,” it claimed.

    The second group searched is engaged in solid waste management and deals in solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities.

    “Evidence found reveals that this group has indulged in booking of bogus bills for expenses and sub-contracts and a preliminary estimate of such bogus expenses booked is to the tune of Rs 70 crore,” the statement said.

    Unaccounted investment in property of about Rs 7 crore has been detected and unaccounted cash of Rs 1.95 crore and jewellery of Rs.65 lakh has been seized, it said.

  • My comparison of Lakhimpur violence to Jallianwala Bagh led to I-T raids on Ajit Pawar’s kin: NCP chief

    By PTI

    MUMBAI: NCP president Sharad Pawar on Friday reiterated that the Income Tax Department’s raids on Maharashtra Deputy Chief Minister Ajit Pawar’s relatives and aides came after his comparison of the Lakhimpur Kheri violence in Uttar Pradesh to the Jallianwala Bagh massacre during the British rule.

    Speaking at a meeting of his party in Solapur, Pawar wondered if people had the right to express their views freely in the country.

    “The I-T raids were carried out because I likened the Lakhimpur Kheri violence to Jallianwala Bagh massacre…Don’t we have the right to air our views in democracy?” he asked.

    ​VIEW GALLERY | ‘Fascism’, ‘Jallianwala Bagh’, ‘Hitler’: Lakhimpur Kheri farmers’ killing leads to strong reactions by Opposition leaders

    The I-T department on Thursday raided some businesses linked to family members of Ajit Pawar and some real estate developers on charges of alleged tax evasion.

    The premises linked to business groups such as DB Realty, Shivalik, Jarandeshwar Sahkari Sugar Karkhana (Jarandeshwar SSK) and businesses linked to Ajit Pawar’s sisters were raided during the operation, official sources had said.

    On Tuesday, Pawar had drawn a parallel between the Lakhimpur Kheri incident, in which eight persons were killed, and the Jallianwala Bagh massacre, and said people would show the BJP its place.

    The former Union minister on Friday alleged that the BJP-led central government was leaving no stone unturned to trouble the Maha Vikas Aghadi (MVA) government (of Shiv Sena, NCP and Congress) in Maharashtra.

    “The state government is not being given its rightful share in the central funds,” he added.

    ​ALSO READ | I-T sleuths raid Maharashtra deputy CM Ajit Pawar’s sugar factories, sisters’ properties

    “We need to remove the BJP from our path. In the recent bypolls of local bodies, the MVA allies, which contested separately, won 70 per cent of the seats. There is no doubt in my mind that if we fight together we will get better results. We have to now figure out how to contest the future elections,” he said.

    Pawar accused the BJP of being “anti farmer” and indulging in “misuse of power”.

    He said that a complete shutdown should be observed during the October 11 ‘Maharashtra bandh’ and it should be carried out in a peaceful manner.

    “Nothing should be open except the essential services,” he said.

    The Maharashtra Cabinet had on Wednesday expressed regret over the death of farmers in the violence at Lakhimpur Kheri, while the ruling allies here called for a statewide bandh on October 11 to protest against the incident in the Uttar Pradesh district as they sought to corner the BJP over the tragedy.

    The Shiv Sena, the NCP and the Congress, allies in the ruling Maha Vikas Aghadi (MVA), gave the call for Maharashtra bandh to protest against the violence in Lakhimpur Kheri, where eight people, four of them farmers, were killed on Sunday.

  • I-T sleuths raid Maharashtra deputy CM Ajit Pawar’s sugar factories, sisters’ properties

    Express News Service

    MUMBAI: The Income Tax department on Thursday conducted raids at sugar factories linked to Maharashtra Deputy Chief Minister Ajit Pawar and properties of his family members.

    The raids started on Thursday morning at six sugar factories across Maharashtra. Reacting to the raids, Ajit Pawar said they were politically motivated. Pawar said he could understand I-T raids at his sugar factories, but his sisters’ properties were also being raided. “This is low grade politics. The BJP should not drag family members and relatives in their politics. My sisters got married 30 to 35 years ago. They have been living peacefully. Now central agencies are targeting them because they are my sisters,” Pawar said.

    He also clarified that he has been paying taxes on time. “I am a disciplined person when it comes to finance. I never delayed paying taxes. I am the finance minister of Maharashtra, so I know the IT laws. I have not done anything wrong. The truth will come out soon,” he said.

    NCP state president Jayant Patil also slammed the raids. “The BJP is losing hope in Maharashtra, therefore they are targeting NCP ministers. The BJP wants to divert the attention of the public from the Lakhimpur farmers’ massacre and hence they are carrying out raids at properties owned by Ajit Pawar,” Patil alleged.

    Other ministers of the Maha Vikas Aghadi and their close associates are also under the I-T scanner.

  • IT department detects Rs 500-crore unaccounted transactions after raids on Gujarat real estate group

    By PTI

    NEW DELHI: The Income Tax Department has detected unaccounted transactions of over Rs 500 crore after it raided an Ahmedabad-based real estate developer and linked brokers as part of a tax evasion probe, the CBDT claimed on Saturday.

    “Documents reveal unaccounted income of more than Rs 200 crore in the hands of the real estate group and also unaccounted income of more than Rs 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers. Over all, the search & seizure operation has resulted in the detection of unaccounted transactions of more than Rs 500 crore,” it said in a statement.

    The Central Board of Direct Taxes (CBDT) frames policy for the tax department. The raids that were launched at 22 premises of the group and the brokers on September 28 are underway, the statement said. The Board said about Rs 1 crore cash and jewellery worth Rs 98 lakh was seized during the operation. Twenty-four lockers have been put under restraint, it said.

    Incriminating documents, loose papers, digital evidences have been seized from the premises of the real estate developer and these “evidences” contain detailed records of the group’s unaccounted transactions spread across multiple financial years, the statement said.

    “Documents showing unaccounted investment in land of more than Rs 200 crore and unaccounted cash receipts from sale of land amounting to more than Rs 100 crore have been seized so far. A large number of original documents of properties purchased over the years, which are apparently held in the name of benami individuals have also been found,” it claimed.

    “In the case of the broker, documents showing details of payments in cash and in cheques relating to transactions of purchase and sale of land carried out through the broker have been found. Documents showing cash transactions of over Rs 230 crore in these land deals have been seized so far,” the CBDT said

  • Income Tax department claims multi-crore tax evasion after raids on Gujarat diamond group

    By PTI

    NEW DELHI: The CBDT Saturday said the Income Tax Department has detected tax evasion worth crores of rupees in raids on a leading diamond manufacturer and exporter of Gujarat.

    The searches were launched on September 22 at 23 premises of the group, which is also in tiles manufacturing business, at Surat, Navsari, Morbi and Wankaner (Morbi) in Gujarat and Mumbai in Maharashtra.

    The raids are still underway, it said.

    “The primary analysis of data reveals that the assessee has made unaccounted purchase and sale of small polished diamonds of about Rs 518 crore over the period.”

    “The data reveals that the assessee has sold more than Rs 95 crore of diamond scrap in cash generated from its manufacturing activities, which remains unaccounted for and represents its income,” the Central Board of Direct Taxes (CBDT) claimed in a statement.

    The assessee, over these years, has accounted for the sale of about Rs 2,742 crore of small diamonds in its books, against which, substantial part of purchases were made in cash, but the purchase bills were taken from accommodation entry providers, it alleged.

    The statement said “unaccounted” cash and jewellery worth Rs 1.95 crore has been seized during the raids and “unaccounted” diamond stock of 8900 carat worth Rs 10.98 crore has been detected.

    “A large number of lockers belonging to the group have been identified, which have been placed under restraint and will be operated in due course,” it said.

    The policy-making body for the tax department said that the group was making its “major purchases” of rough diamonds through imports and making export sales of finished bigger diamonds through its company registered in Hongkong, which is effectively controlled and managed from India only.

    “The data reveals that the assessee has made purchases of Rs 189 crore and sale of Rs 1,040 crore in the last two years through this entity?”.

    “Financial transactions of real estate deals were found which led to the detection of unaccounted income of Rs 80 crore,” it claimed.

    The sale transactions of shares pertaining to the business of tiles were examined which led to the detection of Rs 81 crore of unaccounted income, the CBDT said.

    It said the raid teams have seized paper as well as digital data, kept at secret locations under the custody of its trusted employees, that includes proof of unaccounted purchases and sales, accommodation entries (obtaining illegal business entries in accounts) for purchases against which cash is received, the movement of such cash and stock through angadia firms, keeping the unaccounted cash with angadias, investment of such unaccounted income for purchase of property and stock, etc for the last five years.