Published By : Chinmaya Dehury | December 28, 2021 2:00 PM
Share
Mumbai, Dec 28: Income Tax Department carried out search and seizure operations on two business groups of Nandurbar and Dhule districts of Maharashtra. These groups are engaged in the business of civil construction and land development. The search operation covered more than 25 premises spread across Nanndurbar, Dhule and Nashik. During the search and seizure operation, many incriminating documents, loose papers, and digital evidences have been found and seized. In the case of entities belonging to the first group, the seized documents clearly reveal that they have resorted to large-scale suppression of taxable income by inflating their expenses, primarily by way of the claim of non-genuine sub-contract expenses and unverifiable old sundry creditors. The search team has detected that these subcontracts have been awarded to family members and their employees who have not rendered services in this regard. Evidence has also been gathered about unrecorded expenses incurred in cash. The preliminary investigation indicates that this group has evaded income to the extent of Rs. 150 crore on account of the above malpractices. In the case of the land developers, it has been found that a substantial part of the land transactions have been carried out in cash which are not accounted for in the regular books of account. Further, incriminating documents evidencing receipt of ‘on-money’ on land transactions and cash loans exceeding Rs. 52 crore have been found and seized. The search action has, so far, resulted in the seizure of unaccounted cash of more than Rs. 5 crore and jewellery valued at Rs. 5 crore. Further investigations are in progress.
Prameya English Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Regulatory failure never led to Jane Street’s illegal acts in India: Madhabi Buch
Former Tennis player Radhika Yadav shot dead by father in Gurugram
Final Countdown: Axiom Mission 4 Crews are wrapping up their Research Ahead of ISS Departure
"90% fatalities in state political violence are Muslims": New Bengal BJP Chief
New batch of 6,482 pilgrims depart for Amarnath Yatra 2025, total yatris exceed 1.45 lakh
Amit Shah chairs 27th meeting of the Eastern Zonal Council in Jharkhand
Kapil Sharma’s Kap’s Café in Canada attacked by Khalistani terrorists!
Punjab Cabinet approves Rs 10 lakh health insurance cover for all families
On Guru Purnima, two students stabbed principal to death in Haryana’s Hisar
CBI picks Chief Manager MCL red-handed, detained
Bihar Election: SC allows voter list revision, suggests Aadhaar, Ration Cards as valid ID proof
Starlink's India Entry: Elon Musk's Satellite Internet Service Gets Crucial Nod from IN-SPACe
Odisha tops in private investments, says Industries Minister Sampad Swain
IAF’s Jaguar trainer aircraft crashes in Rajasthan’s Churu
Air India Tragedy: Investigators Zero in on Cockpit Fuel Switches
Masood Azhar's Voice Emerges from Pakistan with Chilling Threats Against India
PM Modi in Namibia: Bilateral Talks and Parliamentary Address on Agenda for Final Stop of Five-Nation Tour
‘Don’t Follow Godse’—Stalin Urges Tamil Nadu Students to Back Statewide Campaign
Bhubaneswar all set to host National Fish Farmers’ Day tomorrow; Three Central Ministers to attend
Bharat Bandh LIVE: Trains, Buses Affected Across India, Bank Unions Join Stir