I-T dept finds Rs 100 cr value unaccounted transactions after raids on Jharkhand Cong MLAs, aides
5 min readBy PTI
NEW DELHI: The Income-tax division has detected “unaccounted” transactions and investments value greater than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore companies throughout the state final week.
The CBDT mentioned in an announcement on Tuesday that fifty premises in Ranchi, Godda, Bermo, Dumka, Jamshedpur and Chaibasa in Jharkhand, Patna (Bihar), Gurugram (Haryana), and Kolkata (West Bengal) had been lined throughout the searches launched on November 4.
The two MLAs, on the day the searches had been initiated, had been recognized by the officers as Kumar Jaimangal alias Anup Singh and Pradip Yadav.
Jaimangal, a legislator from Bermo seat, additionally spoke to reporters exterior his Ranchi residence that day confirming the motion, saying he was extending all cooperation to the raiding groups.
Yadav, who joined the Congress after splitting from the JVM-P, represents Poriyahat meeting seat.
READ HERE | Illegal mining row: Relief to Jharkhand CM Hemant Soren as SC units apart HC order
The Congress is a companion of the JMM-led ruling alliance within the state led by Chief Minister Hemant Soren.
The CBDT assertion mentioned the motion was taken in opposition to “few enterprise teams engaged in coal buying and selling/transportation, execution of civil contracts, extraction of iron ore and manufacturing of sponge iron.
“Those searched include two politically exposed persons and their associates,” it mentioned.
The Central Board of Direct Taxes (CBDT) is the policy-making physique for the I-T division.
It mentioned money value greater than Rs 2 crore has been seized and “unaccounted transactions/investments exceeding Rs 100 crore were detected so far.”
The searches additionally led to the seizure of huge variety of “incriminating” paperwork and digital evidences,it mentioned.
“A preliminary analysis of these evidences indicates that these groups have resorted to various modus-operandi of tax evasion including inflation of expenses, transactions of loans in cash, payments/receipts in cash and suppression of production. It has been found that investments have been made in immovable properties, the source of which could not be fully explained,” the CBDT alleged.
It was discovered that one of many teams engaged in civil contracts was “not” sustaining common books of account, it mentioned.
“The group has been inflating its expenses by entering into non-genuine transactions of purchase of raw material/sub-contract expenses in lumpsum at the fag end of the year. Evidences seized also suggest that unfair payments in cash have been made to secure contracts,” the CBDT claimed.
In the case of the opposite group engaged in coal buying and selling/extraction of iron ore and so on, “unaccounted” inventory of iron ore of giant worth has been discovered, which is but be quantified, the assertion mentioned.
“The said group has also introduced its unaccounted money in the form of unsecured loans and share capital by layering the transactions through shell companies. Professionals associated with this group have admitted that they had not verified any supporting documents and had signed the audit report prepared by the group’s accountant without due diligence,” the CBDT alleged.
Jaimangal, in August, lodged a police criticism in opposition to three MLAs of his social gathering — Irfan Ansari, Rajesh Kachchap and Naman Bixal Kongari– alleging that they had been plotting to topple the ruling UPA authorities in Jharkhand led by Chief Minister Hemant Soren.
The criticism was filed after the three Congress MLAs had been arrested with money in West Bengal in July.
State Congress spokesperson Rajiv Ranjan had alleged on the day of the searches that the tax division motion was a part of an operation to destabilise governments in non-BJP dominated states.
NEW DELHI: The Income-tax division has detected “unaccounted” transactions and investments value greater than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore companies throughout the state final week.
The CBDT mentioned in an announcement on Tuesday that fifty premises in Ranchi, Godda, Bermo, Dumka, Jamshedpur and Chaibasa in Jharkhand, Patna (Bihar), Gurugram (Haryana), and Kolkata (West Bengal) had been lined throughout the searches launched on November 4.
The two MLAs, on the day the searches had been initiated, had been recognized by the officers as Kumar Jaimangal alias Anup Singh and Pradip Yadav.
Jaimangal, a legislator from Bermo seat, additionally spoke to reporters exterior his Ranchi residence that day confirming the motion, saying he was extending all cooperation to the raiding groups.
Yadav, who joined the Congress after splitting from the JVM-P, represents Poriyahat meeting seat.
READ HERE | Illegal mining row: Relief to Jharkhand CM Hemant Soren as SC units apart HC order
The Congress is a companion of the JMM-led ruling alliance within the state led by Chief Minister Hemant Soren.
The CBDT assertion mentioned the motion was taken in opposition to “few enterprise teams engaged in coal buying and selling/transportation, execution of civil contracts, extraction of iron ore and manufacturing of sponge iron.
“Those searched include two politically exposed persons and their associates,” it mentioned.
The Central Board of Direct Taxes (CBDT) is the policy-making physique for the I-T division.
It mentioned money value greater than Rs 2 crore has been seized and “unaccounted transactions/investments exceeding Rs 100 crore were detected so far.”
The searches additionally led to the seizure of huge variety of “incriminating” paperwork and digital evidences,it mentioned.
“A preliminary analysis of these evidences indicates that these groups have resorted to various modus-operandi of tax evasion including inflation of expenses, transactions of loans in cash, payments/receipts in cash and suppression of production. It has been found that investments have been made in immovable properties, the source of which could not be fully explained,” the CBDT alleged.
It was discovered that one of many teams engaged in civil contracts was “not” sustaining common books of account, it mentioned.
“The group has been inflating its expenses by entering into non-genuine transactions of purchase of raw material/sub-contract expenses in lumpsum at the fag end of the year. Evidences seized also suggest that unfair payments in cash have been made to secure contracts,” the CBDT claimed.
In the case of the opposite group engaged in coal buying and selling/extraction of iron ore and so on, “unaccounted” inventory of iron ore of giant worth has been discovered, which is but be quantified, the assertion mentioned.
“The said group has also introduced its unaccounted money in the form of unsecured loans and share capital by layering the transactions through shell companies. Professionals associated with this group have admitted that they had not verified any supporting documents and had signed the audit report prepared by the group’s accountant without due diligence,” the CBDT alleged.
Jaimangal, in August, lodged a police criticism in opposition to three MLAs of his social gathering — Irfan Ansari, Rajesh Kachchap and Naman Bixal Kongari– alleging that they had been plotting to topple the ruling UPA authorities in Jharkhand led by Chief Minister Hemant Soren.
The criticism was filed after the three Congress MLAs had been arrested with money in West Bengal in July.
State Congress spokesperson Rajiv Ranjan had alleged on the day of the searches that the tax division motion was a part of an operation to destabilise governments in non-BJP dominated states.
