CBDT RAIDS

I-T dept raids 55 premises in four states; seizes Rs 94-crore cash, jewellery

Karnataka Raids: Nearly Rs 94 cr cash, jewellery seized after IT searches govt contractors, realty developers

The Income Tax department in India has seized Rs 94 crore in cash, as well as gold, diamond jewellery, and luxury watches, following raids on government contractors and real estate developers in Karnataka and other states. These contractors, it claimed, were also involved in booking expenses for non-business purposes.

I-T dept raids on Kashmir business group led to detection of undisclosed income: CBDT

The CBDT is the administrative body for the I-T department. It further claimed that the group has been "suppressing" its taxable income by grossly under-reporting its sales in the cement sector by more than Rs 60 crore over the past several years.

ED searches Hero Moto Chairman Pawan Munjal's residence in money laundering probe

The Enforcement Directorate has searched the residence of Hero MotoCorp's Chairman Pawan Munjal. ET in June had reported that the Ministry of Corporate Affairs (MCA) ordered an investigation against Hero MotoCorp Limited over alleged corporate governance issues.

Karnataka: I-T dept detects Rs 1k cr bogus expenditure after raids on co-op banks

The CBDT said in a statement that cash of more than Rs 3.3 crore and jewellery worth Rs 2 crore was seized during the searches. The Central Board of Direct Taxes (CBDT) is the administrative body for the I-T department. "The seized evidences revealed that these cooperative banks were involved in rampantly discounting bearer cheques issued by various business entities, in the name of various fictitious non-existing entities" the CBDT said.

Decoding transfer pricing rule that put BBC under Indian taxman's radar

A piece of key news that dominated headlines this week was the Indian tax department's 'survey' on global media behemoth BBC's premises in capital Delhi and Mumbai. The investigation, the CBDT statement said, also threw up "several discrepancies and inconsistencies with regard to Transfer Pricing documentation". But what is it all about? ET decodes

I-T dept detects Rs 1,300 cr black income after raids on Karnataka realty sector

"Undisclosed assets in the nature of cash and gold jewellery worth more than Rs 24 crore have also been seized," the Central Board of Direct Taxes said.

Behind the Income Tax dept's tax evasion scrutiny

The Central Board of Direct Taxes, the administrative body for the tax department, undertakes search and seizure operations to check instances of tax evasion apart from performing its regular task of collecting revenue for the government under the direct taxes category.

I-T dept finds Rs 300-cr unaccounted transactions after raids on Gujarat business group

Initial analysis of seized documents and digital data shows that the group has been engaged in "large-scale tax evasion" by adopting various methods, including, by way of unaccounted cash sales outside the books of account, under invoicing of sales and booking of bogus purchases, the CBDT said in a statement. The Central Board of Direct Taxes (CBDT) is the administrative authority for the income tax department.

Income tax department detects black income of over Rs 150 cr after raids on Jhansi group

The searches were launched on August 3 and about 30 premises in Jhansi, Lucknow and Kanpur in Uttar Pradesh, Delhi and Goa were covered. The Central Board of Direct Taxes (CBDT) said in a statement that a "key person" covered during the raids "voluntarily offered additional income exceeding Rs 150 crore". The board frames policy for the tax department.

Black income of 'over Rs 200-cr' detected in I-T raids on TN film producers, financiers: CBDT

So far, the search operation has resulted in the detection of undisclosed income of more than Rs 200 crore, the Central Board of Direct Taxes (CBDT) said in a statement. It said that the department seized a number of documents, digital devices relating to "unaccounted" cash transactions and investments even as "secret and hidden" premises have been unearthed.

I-T dept raids Hotel Royal Plaza's Chairman for stashing Rs 40 crore abroad

"Foreign Asset Investigation Units (FAIUs) of Income Tax department has conducted this search for undisclosed assets held by Mittal abroad and possessing black money in foreign shores," the I-T officials told adding that "in this regard 18 premises across Delhi, Mumbai and Daman were covered during the search operation."

Income Tax Department seizes Rs 22-crore worth cash, jewellery after raids at Bengaluru, Hyderabad realty groups

A total of 40 premises were covered during the undated raids. The preliminary analysis of seized evidences shows that the land owners had entered into a joint development agreement (JDA) with a Bengaluru-based developer, the Central Board of Direct Taxes (CBDT) said in a statement.

IT department detects unaccounted income of Rs 100 crore after raids on diversified business group

The documents seized during the raids "indicate that the group has indulged in unaccounted cash transactions in real estate business as well as obtaining bogus purchase bills".

IT dept detects Rs 3,000-cr worth cash transactions after raids on Omaxe group

The key employees and business heads of various projects have stated the modus operandi of the group and have "admitted" that the group has generated unaccounted income by accepting 'on-money' (cash) "unaccounted" cash from its customers which have not been recorded in the regular books of account, the CBDT claimed.

I-T dept detects tax evasion worth crores after raids on UP perfumers and real estate groups

CBDT said it was found that one the group was "involved in tax evasion by under-reporting sales of perfumes, stock manipulation, fudging books of account to shift profits from taxable unit to tax exempt unit, inflation of expenditure, etc."

I-T raids on foreign mobile manufacturing firms across India; two companies can face penalty of over Rs 1,000 cr, says CBDT

I-T dept detects black income of Rs 300-cr after raids on 2 Rajasthan groups

The Income Tax Department has detected unaccounted income totalling Rs 300 crore after it raided two Rajasthan-based groups engaged in the business of electrical goods manufacture and money lending respectively, the CBDT said on Tuesday

IT Dept detects bogus expenditure worth crores, shell firms after raids linked to Samajwadi Party

A Kolkata-based entry operator (a person who undertakes fake transactions) was also covered in the search operation in which 30 premises in Lucknow, Mainpuri and Mau in Uttar Pradesh, national capital region, Kolkata and Bengaluru were raided.

I-T Dept raids instant loan app company; Rs 500-crore funds transferred abroad illegally

"During the search, it was revealed that the company has been allegedly charging very high processing fee at the time of disbursement of loans," CBDT said.

Rs 70-cr black income detected after Income Tax raids on K'taka civil construction group: CBDT

"The search action has led to detection of unaccounted income of more than Rs 70 crore which has been admitted as undisclosed income by the assessee group," the CBDT claimed in a statement. The Central Board of Direct Taxes (CBDT) is the policy-making body for the tax department.

Rs 300-crore black income found after raids on TN poultry farming group

"Seized documents indicate that the group is involved in suppressing its income by different ways such as inflating expenses including booking bogus purchases, by under-invoicing of sales and also by non-reflecting scrap/by-products sales in the regular books of accounts."

Rs 100-crore black income detected after raids on Bihar/Jharkhand road contractor: CBDT

Cash of Rs 5.71 crore has been seized and ten bank lockers have been put under restraint, the Central Board of Direct Taxes (CBDT) said in a statement. The CBDT frames policy for the tax department.