The Chhattisgarh

Tag: income tax raid

  • Rs 94 crore cash, gold and diamond jewelery worth eight crores, luxury watches…’treasure’ found in IT raid

    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.

  • Jammu and Kashmir: Income Tax team raided more than 40 places, seized cash and documents.

    Jammu and Kashmir: Income Tax team raided more than 40 places, seized cash and documents.

    Symbolic photo.

    Srinagar:

    Income Tax raids in Jammu and Kashmir continued for the second day. The Income Tax team raided the premises of a major business group engaged in various sectors like cement, steel, glass, plywood, real estate, tourism, textiles and healthcare in Kashmir Valley. Sources said that during the raid, Income Tax officials have seized cash, documents and important evidence.

    The Income Tax team conducted raids in Srinagar, Sopore, Budgam, Sonmarg, Pulwama areas of Kashmir Valley and more than 40 premises in Delhi.

    Incriminating documents, handwritten diaries and digital devices have been seized during the search operation. Variation in stock was also seen in many factories and retail shops. Evidence has also been found of undeclared investments worth more than Rs. 50,000 in immovable properties located in the Kashmir Valley. The team has seized Rs 50 crore from various premises.

    The investigation so far has revealed that the major business group tried to suppress its taxable income by under-reporting its sales in the cement sector. Seized evidence in the form of cash vouchers and selling challans in respect of Rs 60 crore in the last several years, which have not been recorded in the account books.

    Evidence and documents of on-money in the real estate business of the business group running in Kashmir and Delhi have been recovered. The estimate for hiding the account book entries is around Rs 10 crore. The head of this business group has admitted that this system has been used for undeclared income.

    Cash worth more than Rs 1.70 crore was seized during the raid. Apart from this, gold was also recovered. The inspection of the matter is going on.

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