Department of expenditure of ministry of finance, Government agency

The Income Tax Department said on Thursday it has raided 26 premises spread over Mumbai, Pune, Sangli, and Ratnagiri related to a cable operator and a state government employee in Maharashtra.The raids were conducted on 8th March. As a result of the search action, cash of Rs 66 lakh has been seized. Digital data and documentary evidence seized during search operation is being further analysed and further investigations are in progress, according to a statement released by the Union Ministry of Finance.During the search, it was found that a parcel of land at Dapoli was purchased by a prominent politician of Maharashtra in 2017 for a consideration of Rs 1 crore but it got registered in 2019. This land was subsequently sold to one of the persons covered in the search action in 2020 for a consideration of Rs 1.10 crore. In between, a resort was built on the same land from 2017 to 2020. By the time the parcel of land was registered in the name of the said politician, substantial construction of the resort was completed.Later, the resort was almost complete when the property was sold by the politician to the cable operator in 2020. It transpires that the relevant facts about the construction of the resort were not intimated to the Registration authorities and accordingly, the stamp duty was paid only for the registration of the land on both the occasions i.e. in 2019 and in 2020.Evidence found during the search has revealed that the construction of the resort started in 2017 and more than Rs 6 crore was spent in cash on construction of the resort."Cost of construction of the same has not been accounted for either by the person searched or the politician in their books of account," the Ministry said.Search in the case of the State Government official has revealed that he, his family members and relatives have amassed huge wealth in the form of properties at prime localities at Pune, Sangli and Baramati, over a period of last ten years.The family owns one bungalow and one farmhouse in Pune, one lavish farmhouse in Tasgaon, two bungalows in Sangli, two commercial complexes having Tanishq and Carat lane showrooms, five flats in different locations of Pune, one flat in Navi Mumbai, vacant plots in Sangli, Baramati, Pune and more than 100 acres of agricultural land acquired during the past seven years."Detailed examination of sources of acquisition of the properties and the amounts spent on the lavish interiors of shops and bungalows is under progress. The family owns many businesses including showrooms of electronic products, Tanishq showrooms, civil construction business, real estate and pipe manufacturing business," it said.The ministry noted that the construction business, being run by the relatives of the employee, received many contracts from the State Government.The search operation has also unearthed evidence of inflation of contract expenses through bogus purchase and bogus sub-contracts aggregating to Rs 27 crore. Evidence regarding unaccounted cash receipt of Rs 2 crore in sale of land at Baramati has also been detected. Further investigation with regard to the tax evasion in construction business, is in progress, the ministry said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Department Of Expenditure Of Ministry Of FinanceFOLLOW

Department of expenditure of ministry of finance, Latest News

The Income Tax Department has found that Hero MotoCorp made more than Rs 1000 crore bogus expenses and over Rs 100 crore cash transactions for a farmhouse in Chhattarpur, Delhi, sources told ANI. ...

Aurangabad, March 25: Dr Priyanand Agale and Dr Satyapal Singh Meena received the copyrights for the smart village from ... ...

The Income Tax Department said on Thursday it has conducted raids on a popular chain of educational institutes, running several schools and colleges at multiple locations in India and abroad. The search operation covered more than 25 premises spread ...

New Delhi, March 23 The Income Tax Department is conducting a search operation on the premises of Hero ... ...

New Delhi, March 22 The Income Tax Department said on Tuesday that it recently carried out search and ... ...

The Income Tax Department has raided 45 premises spread across Delhi-NCR, Chandigarh, Ludhiana, Lucknow, and Indore of a leading real estate firm in North India, the Union Finance Ministry said on Tuesday. ...

New Delhi, March 20 The Income Tax Department on Sunday said that it has conducted a search and ... ...

The Income Tax Department said on Thursday it has raided 26 premises spread over Mumbai, Pune, Sangli, and Ratnagiri related to a cable operator and a state government employee in Maharashtra. ...