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Income Tax Department conducts searches in Punjab and Haryana, recover unaccounted cash worth Rs 1.70 crore

Revenue Tax Division conducts searches in Punjab and Haryana, get well unaccounted money value Rs 1.70 crore | Information

New Delhi: The Revenue Tax Division on Wednesday (September 8, 2021) performed search and seizure operations on three distinguished Fee agent teams based mostly in Punjab. The raids happened throughout many premises in Punjab and Haryana. 
The IT Division knowledgeable that these teams are additionally engaged within the enterprise of operating metal rolling mill, chilly storage, basic mills, jewelry store, poultries, rice mills, oil mill, flour mill aside from the enterprise of Fee brokers.
The search motion revealed that these teams had been suppressing their enterprise receipts and inflating bills. 
“Additionally they don’t account for many of the sums acquired and paid in money. Additional, sure paperwork exhibiting funds of on-money in money in buying immovable properties have been recovered and seized. In one of many teams, it has been discovered that the purchases of fruits have been accomplished in the course of the harvest interval at low price, whereas the gross sales have been accomplished in odd durations at very excessive charges after storing the products in chilly storage,” the IT Division stated in a press release.
The federal government company additionally listed out the next main findings:
1. Books of accounts (Kacha Khata Bahi) within the Laddo script have been discovered, which present substantial unaccounted transactions operating into crores. These books of account are being deciphered with the assistance of an knowledgeable. Parallel units of books of accounts of a few of the enterprise considerations have additionally been discovered which present suppression of gross enterprise receipts operating into crores on yearly foundation.
2. It’s discovered that advances in money aggregating to crores are given to farmers and rates of interest of 1.5 % to three.00% per thirty days are charged. The curiosity is acquired in money and never proven within the books of account.
3. Money buy and sale associated to poultry enterprise and rice sheller value greater than Rs. 9 crores has been discovered. Unaccounted purchases amounting to Rs. 1.29 crore have been discovered from one of many premises located in Jalandhar. Particulars of unaccounted gross sales have additionally been discovered.
4. Two suspected benami companies within the names of staff have been unearthed, whose turnovers are in crores per 12 months.
5. In one of many considerations, the primary assessee has accepted that funds in violation of Part 40A(3) of the Revenue-tax Act, 1961 have been made operating into crores through the years, by accounting the identical after splitting the funds within the books of account.
6. In Metal Rolling Mills, discrepancy in inventory of completed items has been discovered and inventory taking of uncooked materials (scrap) is underway. The unaccounted inventory of completed items of greater than Rs 25 lakh has been labored out as but.
7. Unaccounted funding in immovable property amounting to Rs. 3.40 crore has been detected and has additionally been accepted by the homeowners of the properties lined in the course of the search.
8. At some premises, the digital proof discovered has been seized, evaluation of which is in progress.
9. Diversion of enterprise funds as interest-free loans/advances to members of the family of one of many Teams has been detected by the search crew.
10. Unaccounted money aggregating to Rs 1.70 crore has been present in these teams. Unexplained jewelry valued at Rs. 1.50 crore has been discovered. The unexplained inventory of flour valued at Rs 1.50 crore has additionally been discovered. Eight Financial institution lockers have been put below restraint, which is being operated.
The IT Division stated that the search operation continues to be persevering with and additional investigations are in progress.
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