India News | Income Tax Department Conducts Raids in Bengaluru
Get latest articles and stories on India at LatestLY. The Income Tax Department carried out search and seizure operations in the case of three major contractors based out of Bengaluru engaged in the execution of irrigation and highway projects, as per the Central Board of Direct Taxes (CBDT).
New Delhi [India], October 12 (ANI): The Income Tax Department carried out search and seizure operations in the case of three major contractors based out of Bengaluru engaged in the execution of irrigation and highway projects, as per the Central Board of Direct Taxes (CBDT).
The searches that commenced on October 7 have been carried out at 47 premises spread across four states.
According to CBDT, during the search action, it was found that these three groups were involved in the 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 has booked bogus sub-contract expenses in the name of about 40 individuals of no means and unconnected to the construction business. Upon enquiry, these individuals have admitted to the said manipulation.
One of the groups admitted to having indulged in inflation of labour expenses amounting to Rs. 382 crore. Further, another group has been found to have taken accommodation entries, from non-existing paper companies, to the extent of Rs. 105 crore, which stands admitted by this group.
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Various incriminating evidence in the form of physical documents, digital evidence, etc. have been found and have been seized. During the search, unaccounted cash of Rs. 4.69 crore; unaccounted jewellery & bullion valued at Rs. 8.67 crore; and silver articles valued at Rs. 29.83 lakh have been seized, as per CBDT. The search and seizure actions in these three groups have resulted in the detection of undisclosed income of about Rs. 750 crore. Out of this, an aggregate amount of Rs. 487 crore has been admitted by the respective group entities as their undisclosed income.
Further investigations are in progress. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)