I-T Dept conducts raids on Pune-based group

I-T


New Delhi, Feb 22 : Income Tax Department carried out search and seizure operations last week at 34 different locations across Maharashtra on a group based in Pune's Sangamner whose entities are largely engaged in packaging and sale of tobacco and related products, generation and distribution of power, FMCGs sale, and real estate development. During the course of the search operation, hand-written notes and Excel sheets maintained on computers revealed unrecorded cash sale transactions amounting to Rs 243 crore related to sale of tobacco. In addition to this, action on some dealers in tobacco products revealed further unrecorded sale by them amounting to Rs 40 crore approximately, the I-T Department said in a statement. The group was also accepting and paying cash over and above the registration value in transactions relating to real estate. Evidence of transactions amounting to Rs 18 crore was found in this regard. Issues relating to violations of section 50C of the Income Tax Act, 1961 amounting to Rs 23 crore have also been found, the statement added. During the course of the search operation, profit on unrecorded transactions of sale of real estate amounting to Rs 9 crore has been accepted by the assessee. Seizure of unaccounted cash of Rs 1 crore has been made. Total undisclosed income amounting to Rs 335 crore has been detected so far. Further investigations are in progress. /IANS




Related

I-T Dept conducts raids on Pune-based group
New Delhi, Feb 22 : Income Tax Department carried out search and seizure operations last week at 34 different locations across Maharashtra on a group

4 arrested for cultivating opium in Jharkhand
Ranchi, Feb 22 : Police arrested four people for cultivating opium in Jharkhand's Palamau district on Monday. "Four people have been arrested. T

Income Tax raids conducted in Bhopal
New Delhi, Feb 22 : The Income Tax Department has carried out search and seizure operation last week at 22 premises of a Betul-based Soya products man