Wednesday, October 27, 2021

Income Tax Department conducts raids in four states

The raids conducted by the Income Tax department at 47 premises spread across four states on civil contractors have resulted in the detection of undisclosed income of above 750 crore rupees. The search and seizure operations in the case of three major contractors based out of Bengaluru engaged in the execution of irrigation and highway projects had commenced on October 7.
In a press release, the department has disclosed today that these three groups of Contractors were involved in the suppression of income by resorting to bogus purchases, inflation of labour expenses, booking of bogus sub-contract expenses among others. In one such incident, it was found that one of the groups had booked sub-contract expenses in the name of about 40 individuals unconnected to the construction business.
Another group admitted to having indulged in inflation of labour expenses amounting to 382 crore rupees. A group had made accommodation entries from non-existing paper companies to the extent of 105 crore rupees. The Income Tax department has seized various incriminating evidence and unaccounted cash worth 4.69 crore rupees, unaccounted jewellery and bullion valued at 8.67 crore and silver articles valued at 29.83 crore rupees. The department release says that out of 750 crore rupees unaccounted income disclosed, the Contractors have admitted to an aggregate amount of 487 crore rupees as unaccounted income.
- Advertisement -
Latest news

Over 102 crore vaccine doses provided by centre to states, UTs so far

Government has said that more than 102 crore Covid vaccine doses have been provided to States and Union Territories so far. Union Health Ministry...

Vice President Venkaiah Naidu expresses grief over loss of lives due to floods in Kerala

Vice President M. Venkaiah Naidu has expressed grief over the loss of lives due to floods in Kerala. In a tweet, Mr Naidu said,...

Five-day Naval Commander’s Conference begins today in New Delhi

The Navy’s top commanders will hold their biannual meeting today to discuss the force’s operational, logistical and material preparedness and future plans. Defence Minister...

National office bearers of BJP to meet in New Delhi today

BJP national office bearers will meet today at the party headquarters in New Delhi. Party President JP Nadda has called the meeting of all...
Related news

Over 102 crore vaccine doses provided by centre to states, UTs so far

Government has said that more than 102 crore Covid vaccine doses have been provided to States and Union Territories so far. Union Health Ministry...

Vice President Venkaiah Naidu expresses grief over loss of lives due to floods in Kerala

Vice President M. Venkaiah Naidu has expressed grief over the loss of lives due to floods in Kerala. In a tweet, Mr Naidu said,...

Five-day Naval Commander’s Conference begins today in New Delhi

The Navy’s top commanders will hold their biannual meeting today to discuss the force’s operational, logistical and material preparedness and future plans. Defence Minister...

National office bearers of BJP to meet in New Delhi today

BJP national office bearers will meet today at the party headquarters in New Delhi. Party President JP Nadda has called the meeting of all...