Income-tax department, Government agency

New Delhi, March 20 The Income Tax Department on Sunday said that it has conducted a search and seizure operation on a Pune and Thane based unicorn, and has found evidence of undisclosed income of Rs 224 crore.The I-T department found evidences of foreign funding and a hawala network of Mumbai and Thane based shell companies.It has so far seized Rs 1 crore cash and jewellery worth Rs 22 lakh in the raid.The group is primarily engaged in the business of wholesale and retail of construction material and has pan India presence having annual turnover exceeding Rs 6,000 crore.A total of 23 premises were covered in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh, in the search operation.A large number of incriminating evidences in the form of hard copy documents and digital data were found which were later seized by the IT team during the search operation.These evidences revealed that the group has booked bogus purchases, made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs 400 crore.These evidences were confronted to the Directors of the group, who admitted under oath this modus operandi, disclosed additional income of more than Rs 224 crore in various assessment years, and consequently offered to pay their due tax liability.The search action also revealed that the group had obtained huge foreign funding via Mauritius route, by issuing shares at exorbitantly high premium.During the search operation, a complex hawala network of some Mumbai and Thane based shell companies, was also unearthed. These shell companies exist on paper, and were created only for the purpose of providing accommodation entries. Preliminary analysis has revealed that the total quantum of accommodation entries provided by these shell entities exceeds Rs 1,500 crore.Further investigations in the matter is underway.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

Income-Tax DepartmentFOLLOW

Income-tax department, Latest News

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 ...

Share price of the country's largest two-wheeler maker Hero MotoCorp slumped by nearly 4 per cent on Wednesday after the Income Tax Department raided several premises linked to the senior management of the company, including its chairman and MD Pawan ...

The Income Tax Department carried out search and seizure operations at several premises of automobile company Hero Motocorp on Wednesday, sources said. ...

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. ...

The Income Tax Department has raided the properties of Hiranandani Group today. Income tax team is investigating 24 places ... ...

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