Just a moment...

Report
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Make Most of Text Search
  1. Put words in double quotes for exact word search, eg: "income tax"
  2. Avoid noise words such as : 'and, of, the, a'
  3. Sort by Relevance to get the most relevant document.
  4. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  5. Text Search
  6. The system will try to fetch results that contains ALL your words.
  7. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  8. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Expand ❯❯
Close ✕
🔎 News - Adv. Search
    Two village panchayats in Punjab's Faridkot pass resolution against same-village marriages
    Thailand, Cambodia trade fresh attacks, accusations as allies call for ceasefire
    Trump plays golfs in Scotland while protesters take to streets, decry his visit
    India will be Maldives' crucial partner: Prez Muizzu
    Senior Google executives meet J&K CM Omar Abdullah
    'Historic' FTA with Britain shows world's trust in India: PM Modi
    Himachal govt to auction securities worth Rs1,000 crore
    HIGHLIGHTS
    Centre planning dedicated cargo terminal in Thoothukudi: Union Minister Rammohan Naidu
    Voters in Taiwan reject bid to oust China-friendly lawmakers in closely watched poll
    Maintaining sustained growth top priority, says FM Sitharaman
    PM Modi inaugurates, dedicates to nation Rs 4,900 crore worth projects in TN
    Air India pays interim compensation to families of 166 Ahmedabad crash victims
    Exclusion of Aadhaar, ration cards in SIR 'patently absurd': Petitioner NGO to SC
    India-UK free trade agreement 'game-changing', every section stands to benefit: Goyal
    Trump plays golf in Scotland while protesters take to the streets and decry his visit
    Defence forces once waited for order from Delhi, now giving befitting reply: Nadda
    PM Modi departs for home after concluding visit to Maldives
    TMC MP accuses BJP-ruled states of harassing Bengali-speaking migrants
    Andhra CM Naidu to visit Singapore for investment push, diaspora meet

Are you sure you want to delete "My most important" ?

NOTE:

Back

All News

Showing Results for : Category : All
Reset Filters
Showing
Records
ExpandCollapse
    Back

    All News

    Showing Results for : Category : AllReset Filters
    Case ID :

    Income Tax Department conducts searches in Haryana

    March 19, 2021

    📋
    Contents
    Summary
    Note

    Note

    Note

    Bookmark

    print

    Print

    The Income Tax Department carried out search on 17.03.2021 on a group engaged in the business of real estate, housing, hospitality and retail liquor trade. The search operation was carried out at 12 different premises located in Samalkha, Gurugram, Rohtak and Panchkula.

    The search action emanated due to non-compliance to faceless scrutiny assessment notices selected and issued through a computerised system. Notices under the Faceless Assessment Scheme sent to certain assessees were consistently not complied with even though received by them. Data analytics revealed that the recipients were persons of no/low means. Subsequent internal and discreet enquiries revealed that the said persons were the front for the above said group and were also the benamidars of some of the group members.

    Further enquiries revealed that the persons to whom the notices were issued were engaged in the liquor business run by the group. It was found that such persons to whom liquor licences were issued were the benamidars of the main group members. They were persons of no means and they have stated on oath that they have no knowledge of the business being run in their names. It seems that their names have been misused to avail the quota reserved for SC/ST section. Further investigation is on to establish the money trail and real ownership. Suitable action under Benami Prohibition Act will be taken in all such cases.

    During the search, evidence has been found proving bogus booking of flats in the name of employees/relatives and unidentifiable persons, in the affordable housing scheme project of the group. The company has allotted houses to the employees of the group members, whose un-encashed cheques have been found at the premises. However, flats have been further sold to the actual buyer at a premium of   ₹ 6 lakh to 10 lakh each. The premiums have been received in cash and not accounted for in the books. Premium in cash has been charged from the other buyers as well, in this affordable housing scheme. Thus, there is not only misuse of the scheme but also tax evasion which is estimated to be not less than ₹ 36 crore.

    During the search, evidence was found that the group has claimed bogus expenses on account of building material like cement, raiti, iron bar etc. of around ₹ 100 crore, in previous years, leading to huge evasion of taxes. Further, it was seen that the group is also regularly claiming huge bogus business promotion expenses, in the previous years, and laundering the cash siphoned off as unaccounted investment in immovable properties.

    Substantial evidence has also been found that the group has routed their unaccounted income of ₹ 70 crore in the form of bogus share capital and unsecured loan, through a shell company which has been invested in the buy-out of a real estate project from a popular builder in the area of Gurugram. Evidence in the form of property documents and title deeds have been found regarding investment in benami properties in India as well as out of the country. The matter is being examined further.

    The group has incurred unaccounted expenditure for personal and office purposes in cash running into crores of rupees. This also includes expenditure for taking various approvals for projects and lavish marriage expenses.

    During the search, unexplained investment in jewellery of approximate ₹ 3 crore has been found. 4 bank lockers of the group have also been found and put under restraint.

    Further investigations are in progress.

    Topics

    ActsIncome Tax