TMI BlogNote on search conducted in NCR on a group in the Power sectorX X X X Extracts X X X X X X X X Extracts X X X X ..... Note on search conducted in NCR on a group in the Power sector - News and Press Release Dated:- 23-4-2019 - News - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 22nd April, 2019 PRESS RELEASE Note on search conducted in NCR on a group in the Power sector The De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lhi unit of the Directorate General of Income-tax(Investigation) initiated search and seizure action on a group in NCR, Bhopal, Indore and Goa based upon credible information of large scale collection, possession and movement of unaccounted assets, a few weeks back. CBDT had earlier issued a press note pertaining to searches conducted in MP. As some new developments have taken place, this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... press release is being issued pertaining to search and seizure operation carried out in NCR on 07/04/2019 on a leading Solar Power group connected in the matter. Some of the significant transactions detected during the search operation are detailed hereunder:- Accommodation entries of ₹ 370 crore: During the search, a maze of shell companies used as mere conduits for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... providing entries to the group have been detected. Accommodation entries in the garb of bogus unsecured loans/share application money to the tune of ₹ 370 crore have been found. Bogus billing of ₹ 330 crore: Evidence of inflation of expenses through bogus billing to the tune of around ₹ 330 crore has been detected in the case of a power plant of the said group. The m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oney so siphoned off was collected in USD through hawala operators. Unaccounted diary transactions of ₹ 240 crore: A handwritten diary containing records of out of books cash receipts to the tune of around ₹ 240 crore was seized from the office of the group. The entries therein have been admitted by the persons concerned. Bogus loans of ₹ 30 crore in a group ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company: Investigations reveal that a loan entry of ₹ 30 crore in one of the group companies was an accommodation entry arranged by an entry operator against equivalent cash. Over-invoicing of imports and round tripping of ₹ 252 crore: During the search, evidence was found indicating that the group grossly over-invoiced its imports from original manufacturers by re-invoicin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g it through a shell company of a person who is an accused in a major defence scam. The surplus so created was ploughed back in the books as FDI through another shell company of the same person. Unaccounted foreign investments/expenses: Enquiries reveal that the group used the services of a Dubai based operator to park unaccounted foreign remittances in overseas jurisdictions. Out of su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch remittances, approximately ₹ 27 crore was paid towards credit card expenses and ₹ 72 crore for purchase of a property abroad. Apart from the above, unaccounted payment of ₹ 9 crore towards purchase of a property has also been detected. Seizure of unaccounted assets of ₹ 3 crore has been made during the search. The search action was un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dertaken on the basis of credible information and has led to detection of large scale tax evasion of more than ₹ 1350 crore. (Surabhi Ahluwalia) Commissioner of Income Tax (Media Technical Policy) Official Spokesperson, CBDT. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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