23.1 C
Saturday, December 2, 2023

I-T holds searches in Karnataka, AP, Telangana regions


Share post:


New Delhi: Income tax department conducted a search and seizure action in the case of some government contractors, real estate developers and their associates on October 12.

About 55 premises were covered during the search action in the States of Karnataka, Andhra Pradesh, Telangana and New Delhi.

As per CBDT Press Release, a large number of incriminating evidences in the form of loose sheets, hard copy of documents and digital data have been found and seized.

The modus-operandi of tax evasion detected indicates that these contractors were involved in reducing their income by inflation of expenses by booking bogus purchases, non-genuine claim of expenses with sub-contractors and claiming ineligible expenses.

The irregularities detected in utilization of contract receipts, has resulted in generation of huge unaccounted cash and creation of undisclosed assets.

Evidence indicating inflation of expenses in the form of discrepancies in Goods Receipt Note (GRN) validation have been unearthed during the search. Evidences of huge discrepancies in documentation related to purchases booked and actual physical transport of goods have also been unearthed, with regard to bogus transactions with sub-contractors, some of whom were also covered during the search.

Further, these contractors were also involved in booking expenses for non-business purposes. Evidences of claim of liaison expenses have also been found and seized.

Large scale unaccounted cash transactions, which are not found recorded in the books of account, have also been found during the search, from the premises of assessees, sub-contractors, and associates including certain cash handlers.

The search has resulted in seizure of unaccounted cash of approximately Rs.94 crore and gold and diamond jewellery of over Rs.8 crore, aggregating to more than Rs. 102 crore.

Further, a cache of about 30 luxury wrist watches of foreign make were unearthed from the premises of a private salaried employee, not engaged in the business of wrist watches.

Further investigations are in process.


Please enter your comment!
Please enter your name here

Related articles

Amit Panghal & Shiva Thapa clinch gold at National Boxing Championships

Shillong: Heavy favourites Amit Panghal (51kg) and Shiva Thapa (63.5kg) powered their way to impressive victories as they...

Law & order would be improved in 72 hours if his party voted to power in Bihar : Pappu Yadav

Patna: Patron of Jan Adhikar Party (JAP) Rajesh Ranjan alias Pappu Yadav on Saturday said that law and...

Ayodhya intl. airport phase-1 to be completed by Dec 15: Yogi

Ayodhya (UP): Uttar Pradesh Chief Minister Yogi Adityanath on Saturday said the first phase of construction of Maryada...

Ready to discuss all issues in a structured debate: govt

New Delhi: The BJP-led Central government on Saturday said it was ready for discussions on all issues in...