Nearly Rs 94 crore in cash has been seized in ongoing raids on contractors and real estate developers at more than 55 locations of the Central Board of Direct Taxes in Delhi, Telangana, Karnataka and Andhra Pradesh. In the Income Tax raid, Rs 94 crore in cash, gold and diamond jewelery worth Rs 8 crore and 30 expensive watches made abroad have been seized. Let us tell you, the Income Tax Department had conducted these raids on October 12 at 55 locations in Bengaluru, Telangana, some cities of Andhra Pradesh and Delhi.
Unaccounted property seized in raid
A statement issued by the Central Board of Direct Taxes (CBDT) said that unaccounted cash worth Rs 94 crore and gold and diamond jewelery worth Rs 8 crore have been seized in the raid. Overall, more than Rs 102 crore has been seized. The statement also said that 30 expensive foreign-made watches were recovered from the premises of a person working in a private company. It has nothing to do with the watches business.
War of words broke out between BJP and Congress
At the same time, the war of words between BJP and Congress has intensified in Karnataka regarding unaccounted cash and jewelery found in IT raids. BJP accused Congress that this money belongs to Congress. At the same time, Congress countered these allegations and said that this allegation is baseless. Pradesh CM Siddaramaiah has denied BJP’s allegations and termed them baseless.
During the raids at the premises of the contractors and people associated with them, a lot of evidence related to their ‘involvement’ in the crime including documents, their hard copies and digital data has been found. According to the CBDT, the ‘tax evasion’ patterns indicate that these contractors inflate their income by booking fake purchases, non-genuine claiming of expenses in collusion with sub-contractors and claiming non-eligible expenses. Involved in showing less. According to the CBDT, ‘irregularities’ found in the use of contract receipts resulted in creation of ‘huge amount of unaccounted cash’ and ‘undeclared’ assets.