CBDT sets Rs 1 lakh threshold per assessee for withdrawal of old tax demands
Jewellery worth Rs 9 crore, cash of Rs 4.69 crore seized
BENGALURU:
The Income-Tax Department’s raids against three major Bengaluru contractors has unearthed undisclosed income of about Rs 750 crore, while bullion worth Rs 9 crore and unaccounted cash worth Rs 4.69 crore were seized.
According to Income-Tax sources cited in a PIB media release on Tuesday, the Income-Tax Department carried out search and seizure operations in the case of three major contractors based out of Bengaluru, who are engaged in the execution of irrigation and highway projects. The searches commenced on October 7 and have been carried out at 47 premises spread across 4 states.
Bogus entries
During the searches, it was found that these three groups were involved in suppression of their income by resorting to bogus purchases; inflation of labour expenses; booking of bogus sub-contract expenses, etc. The investigation revealed that one of the groups had booked bogus sub-contract expenses in the names of around 40 individuals of no means and unconnected to the construction business. Upon enquiry, these individuals had admitted to the manipulation, the release said.
One of the groups admitted to having indulged in inflation of labour expenses amounting to Rs 382 crore. Further, another group admitted to having taken accommodation entries from non-existing paper companies to the extent of Rs 105 crore.
Documents seized
Incriminating evidence in the form of physical and digital documents, digital evidences, were seized. During the search, unaccounted cash of Rs. 4.69 crore, unaccounted jewellery and bullion valued at Rs 8.67 crore, and silver articles valued at Rs 29.83 lakh were also seized.
The searches of these three groups have resulted in the detection of undisclosed income of about Rs 750 crore. Of this, an amount of Rs 487 crore has been admitted by these groups as undisclosed income.
Further investigations are in progress.
ಇಲ್ಲಿ ಓದಿ: ಬೆಂಗಳೂರು ಮೂಲದ 3 ಗುತ್ತಿಗೆದಾರರ ಮೇಲೆ ಆದಾಯ ತೆರಿಗೆ ದಾಳಿ: ₹ 750 ಕೋಟಿಗಳ ಅಘೋಷಿತ ಆದಾಯ ಬಹಿರಂಗ
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