The tax authority said searches had resulted in the discovery of income not exceeding Rs 200 crore. (Represent)
Pune:
The Income Tax Department discovered an unaccounted income of more than Rs 200 after the agency raided a group of Pune-based businesses engaged in the production of heavy machinery such as excavators and cranes, the Tax Commission on Central Revenue (CBDT) said today.
Searches were carried out on 11 November at 25 locations across seven cities.
“The search action resulted in the seizure of unaccounted for Rs 1 in cash and jewelry and three bank lockers were managed.
The CBDT said in a statement: “A search action has resulted in the discovery of gross earnings in excess of Rs 200 crore.”
The CBDT sets the policy framework for the tax department.
It said a number of documents and incriminating documents in the form of electronic data were seized, and analysis of these documents “shows that the assessee has destroyed his profits by adopting the various wrongdoings such as false understatement of revenue through credit note, bogus expense claims through presumption of well-founded trade payables, service charge claims genuine unused freebies, unverifiable commission costs to stakeholders, false revenue delays and incorrect depreciation claims, etc”.
Related entities of this group are accused of engaging in cash receipts from agents or brokers, investments in real estate and non-calculating cash loans, CBDT stated.
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