I-T division seizes Rs 56 crore money, Rs 14 crore value jewelry throughout raids in Maharashtra
3 min readBy PTI
NEW DELHI: The Income-tax division has seized a whopping Rs 56 crore in money aside from jewelry valued at Rs 14 crore after it raided two main Maharashtra enterprise teams engaged in manufacturing of metal TMT bars, the CBDT mentioned Thursday.
The stash of money and jewelry was saved in additional than 30 accounts of a cooperative financial institution and inside an undisclosed chamber of a farmhouse.
The searches had been launched on August 3 and greater than 30 premises of the 2 entities in Jalna, Aurangabad, Nashik and Mumbai had been lined.
In an announcement, the CBDT mentioned the preliminary evaluation of seized paperwork exhibits that the teams “engaged in large-scale tax evasion, resorting to inflation of expenditure through bogus purchases from several entities”.
The assertion didn’t establish the 2 teams that had been searched.
The Central Board of Direct Taxes (CBDT) frames coverage for the I-T division.
It mentioned the 2 entities had been additionally discovered to be “involved in GST frauds”.
“Evidence has additionally been discovered of extra inventory of uncooked supplies, not recorded within the books of account, exceeding Rs 120 crore.
“Examination of evidence in one of the groups further reveals that it has indulged in layering its unaccounted income through bogus unsecured loans and share premium, obtained from Kolkata-based shell companies,” the CBDT alleged.
The taxman additionally detected “a large number of lockers of both the groups, opened in the names of employees of the companies, which were maintained with a co-operative bank.”
“So far, the search operation has resulted in seizure of unaccounted cash of Rs 56 crore and bullion and jewellery worth Rs 14 crore,” the assertion mentioned.
More than 30 financial institution lockers, together with a number of lockers situated within the cooperative financial institution, had been searched and “huge” unaccounted money and gold jewelry was discovered and seized from these lockers.
It mentioned a “substantial” quantity of unaccounted money was seized from a “secret room” situated on the farm home belonging to one of many teams.
NEW DELHI: The Income-tax division has seized a whopping Rs 56 crore in money aside from jewelry valued at Rs 14 crore after it raided two main Maharashtra enterprise teams engaged in manufacturing of metal TMT bars, the CBDT mentioned Thursday.
The stash of money and jewelry was saved in additional than 30 accounts of a cooperative financial institution and inside an undisclosed chamber of a farmhouse.
The searches had been launched on August 3 and greater than 30 premises of the 2 entities in Jalna, Aurangabad, Nashik and Mumbai had been lined.
In an announcement, the CBDT mentioned the preliminary evaluation of seized paperwork exhibits that the teams “engaged in large-scale tax evasion, resorting to inflation of expenditure through bogus purchases from several entities”.
The assertion didn’t establish the 2 teams that had been searched.
The Central Board of Direct Taxes (CBDT) frames coverage for the I-T division.
It mentioned the 2 entities had been additionally discovered to be “involved in GST frauds”.
“Evidence has additionally been discovered of extra inventory of uncooked supplies, not recorded within the books of account, exceeding Rs 120 crore.
“Examination of evidence in one of the groups further reveals that it has indulged in layering its unaccounted income through bogus unsecured loans and share premium, obtained from Kolkata-based shell companies,” the CBDT alleged.
The taxman additionally detected “a large number of lockers of both the groups, opened in the names of employees of the companies, which were maintained with a co-operative bank.”
“So far, the search operation has resulted in seizure of unaccounted cash of Rs 56 crore and bullion and jewellery worth Rs 14 crore,” the assertion mentioned.
More than 30 financial institution lockers, together with a number of lockers situated within the cooperative financial institution, had been searched and “huge” unaccounted money and gold jewelry was discovered and seized from these lockers.
It mentioned a “substantial” quantity of unaccounted money was seized from a “secret room” situated on the farm home belonging to one of many teams.
