ANI
18 Jan 2022, 00:27 GMT+10
New Delhi [India], January 17 (ANI): The Income Tax Department said on Monday it has raided over 30 premises of a diversified business group engaged in the manufacturing of plywood, plyboard, MDF board, inverter and vehicle batteries.
The Department conducted search and seizure operations on the company's premises spread across the cities of Yamuna Nagar, Ambala, Karnal, and Mohali.
The search action has resulted in seizure of unaccounted cash of more than Rs 6.60 crore and jewellary valued to the tune of Rs 2.10 crore. In total, 22 bank lockers have been kept under restraint and are yet to be operated, the Central Board of Direct Taxes (CBDT) said in a statement.
During the search operation, various incriminating documents and digital evidences have been found and seized in relation to entities of plywood business. These include a parallel set of books of account recording the entries of cash transactions of purchase, sale, payment of wages, and other expenses of group entities, in addition to transactions of investment in immovable properties. These evidences have clearly revealed the modus operandi of the group that it is involved in the generation of cash by suppression of sales to the extent of about 40 per cent of the actual sales, CBDT said.
The preliminary analysis of incriminating evidence indicates that this group has suppressed sales to the tune of Rs 400 crore in the last three years.
In case of a battery manufacturing concern, the search team unearthed incriminating evidence regarding payment of wages and purchase of raw materials in cash aggregating to Rs 110 crore which has not been recorded in the books of account. In the case of battery manufacturing as well as lead refining concerns and its related entities, suspicious purchases exceeding Rs 40 crore from non-existent concerns have also been identified.
"The correlation of this evidence has also revealed that unaccounted cash so generated is systematically invested in the acquisition of immovable properties of key persons of plywood and lead refining businesses," the CBDT said. (ANI)
Get a daily dose of India Gazette news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to India Gazette.
More InformationLISBON, Portugal: Carsten Spohr, Chief Executive of Lufthansa, has said that as Portugal's government is still debating whether to sell ...
NEW YORK, New York - U.S. stocks were divided on Wednesday, with the technology and industrial sectors parting ways.Tech stocks ...
HOLLYWOOD, California: More than tripling the debut of its 2018 animated original predecessor, Sony Pictures' "Spider-Man: Across the Spider-Verse" opened ...
PARIS, France: European plane manufacturer Airbus is reported to be close to a record agreement to sell 500 narrow-body jets ...
TRAVERSE CITY, Michigan: DuPont, Chemours and Corteva have reached an agreement to pay $1.18 billion to resolve complaints of causing ...
NEW YORK, New York - U.S. stocks were directionless Tuesday as investors had little to digest ahead of next week's ...
New Delhi [India], June 8 (ANI): External Affairs Minister S Jaishankar on Thursday summed up the achievements of Prime Minister ...
Mumbai (Maharashtra) [India], June 8 (ANI): Newlyweds Sonnalli Seygall and Ashesh L Sajnani on Thursday held a wedding reception for ...
Bhopal (Madhya Pradesh) [India], June 8 (ANI): Madhya Pradesh Chief Minister Shivraj Singh Chouhan has said that the state is ...
New Delhi [India], June 8 (ANI): The Railways achieved a freight loading of 134 million tonnes (MT) in May 2023, ...
New Delhi [India], June 8 (ANI): Delhi Police have booked two persons under sections of the Protection of Children from ...
Jeddah [Saudi Arabia], June 8 (ANI): Indian Hajjis arriving from different states were received by the Indian Ambassador to Saudi ...