I-T Raids Indian Entities Linked to Foreign Country

The Income-Tax Department has detected hugs unaccounted income after it raided some Indian companies and their associates being controlled by a neighboring country, in Delhi, Maharashtra and Gujarat, the CBDT said on Thursday.

The searches were carried out on November 16 on at least 20 premises in Mumbai, Ahmedabad and Gandhiham in Gujarat and in Delhi.

Those searched are engaged in the business of chemicals, ball bearings, machinery parts and injections, molding machinery.

The Central Board of Direct Taxes (CBDT) said in a statement that Rs.66 lakh cash was seized while bank accounts holding about Rs.28 crore funds have been put under restraint.

“A large number of incriminating evidence in the form of digital data showing earnings of huge unaccounted income by these companies has been seized and it has been found that these companies are indulging in tax evasion through manipulation of books of accounts,” the CBDT claimed.

“These companies have indulged in transferring funds by using a network of shell companies to a neighboring country.”

“An estimated amount of Rs.20 crore was transferred in the last two years through the above modus operandi,” it said.

The tax officials found that a Mumbai-based professional firm not only assisted in the formation of these shell companies but also provided dummy directors to these shell companies.

“These dummy directors were either the employees/drivers of the professional firm or they were persons of no means.” S-ET

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