IT DEPT SEIZES
No written communication from I-T Dept regarding outcome of Dec raid: Polycab
Polycab India, raided by tax authorities in December 2023, reported that it got no written communication regarding search outcome. Polycab's management asserts no material adverse effects on financial position, requiring no adjustments to reported results. Tax department at the time had alleged unaccounted cash sales of approximately Rs 1,000 crore.
Income Tax dept releases interim plan for FY25: Key focus on TDS and appeals processing
The income tax department in India has released an interim action plan for the fiscal year 2024-25, focusing on identifying cases of TDS short-payment and expediting appeals processing. The plan sets deadlines for refund approvals, asset release, and compounding proposals. It also emphasizes prioritizing appeals filed before and after April 1, 2020, with at least 150 appeals resolved by June 30.
No coercive steps to recover Rs 3,567 cr from Congress during Lok Sabha elections: I-T dept tells SC
The department urged the court to reschedule the hearing for June and emphasized its commitment to avoiding disruptions for any political party during the electoral process.
Higher cash seizures being recorded by I-T dept every assembly polls: CBDT
Cash seizures during assembly elections have substantially increased, according to CBDT Chairman Nitin Gupta. The Income-tax department is investigating these cases, along with other instances of unaccounted currency and jewellery being unearthed during raids. The Election Commission has also noted a surge in the seizure of cash and illegal inducements during state polls.
Polycab plunges 20% as I-T dept detects unaccounted sales of Rs 1,000 crore during raids
Shares of electrical equipment manufacturer Polycab tanked 20% to the day's low of Rs 3,801 on Thursday after the Income Tax department detected "unaccounted cash sales" of about Rs 1,000 crore after it recently raided the Polycab group. A total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were reported to have been covered in the raids.
I-T dept found unaccounted sales of Rs 1,000 crore during raids against Polycab
"Credible evidences recovered during the search have established that the flagship company has made unaccounted cash sales of around Rs 1,000 crore which are not recorded in the books of accounts," the CBDT claimed. Unaccounted cash payments of more than Rs 400 crore made by a distributor, on behalf of the company, towards purchases of raw materials, have also been found, the statement said.
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GST dept searches Aviva Life Insurance office for alleged tax evasion: Sources
India's tax inspectors have searched the office of British insurance giant Aviva's life insurance unit near New Delhi and seized documents as part of an investigation into alleged tax evasion. The Directorate General of GST Intelligence also seized laptops and questioned officials including India CEO Asit Rath and Chief Financial Officer Sonali Athalye.
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.
IT dept searches premises of Lenovo on evasion charges
Officials also conducted a tax survey at the facilities of one of the vendors of Lenovo, official sources said. These searches were made in Bengaluru, Gurugram and Mumbai. Tax officials also conducted a survey at the facilities of Lenovo's contract manufacturer Flex in Tamil Nadu, said an official, requesting anonymity.
Karnataka: Commercial tax dept raids coaching classes in Vijayapura
The Belagavi enforcement wing of Karnataka's Commercial tax department has conducted raids on coaching classes in Vijayapura district suspected of GST evasion. The department has discovered suppression of turnover by certain institutes and has seized incriminating records and digital evidence. The coaching institutes have voluntarily deposited Rs 1 crore as GST pending the final tally of the tax owed.
Karnataka GST authorities unearth tax evasion in govt contracts
The enforcement wing of Karnataka's Commercial Tax Department has uncovered a case of tax evasion in government contracts, with suspected tax evasion amounting to Rs 2.5 crore. The investigation revealed a scheme involving underreporting of taxable supplies and the use of multiple GSTINs. Cash amounting to Rs 33 lakh was also found with contractors involved in the scheme.
Large number of IT, govt employees from Andhra Pradesh filed incorrect returns: Income Tax dept
"Many of the assesees work in government departments, PSUs and prestigious IT companies. It is also noticed that a large number of such taxpayers work with companies based outside Andhra Pradesh and Telangana but have PAN based in Andhra Pradesh/Telangana," said a statement issued on Friday.
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.
I-T dept seized assets worth over Rs 4,800 crore in last 4 fiscals: Govt
The data pertains to financial years 2019-20, 2020-22, 2021-22 and 2022-23 (provisional figures till January 2023) and Chaudhary said a total of 2,841 groups were searched by the I-T department leading to seizure of assets worth Rs 4,863.12 crore.
Uttarakhand GST dept busts syndicate that legitimised illegal timber sale with fake bills, evaded tax worth crores
Udham Singh Nagar is considered one of the biggest timber markets and timber and its products are supplied across the country from here.
Customs dept closely monitoring toy imports, newer modus operandi adopted to circumvent BIS norms: CBIC
The CBIC on Saturday said the customs department is closely monitoring import of toys and continuously tackling newer modus operandi adopted to circumvent the quality control and safety norms. The government earlier this week said 18,600 toys have been seized in the last one month from major retail stores, including those of Hamleys and Archies, at airports and malls across India for lack of BIS quality mark and use of fake licences.
I-T dept seizes huge quantities of currency notes from TMC MLA's offices, residences
There was no objection to the raids by Hossain, a two-time TMC MLA and a businessman. He, his family members and staff cooperated in the IT drive. Huge quantities of currency notes were unearthed from the home and office premises of Hossain in Murshidabad, Kolkata and as well as in Delhi during the the period with assistance from the central forces, the official said.
I-T dept detects Rs 100 cr black income after raids on Bihar-based business groups
The raids were launched on November 17 at about 30 premises located in Patna, Bhagalpur and Dehri-on-Sone in Bihar, Lucknow and Delhi. Unaccounted cash and jewellery worth more than Rs 5 crore were seized and 14 bank lockers sealed during the operation, said the Central Board of Direct Taxes, which frames policy for the tax department.
I-T dept sets up control room to curb use of money power in MCD polls
The move, said officials, is to check the flow and use of money power in the polls.
Karnataka police, transport dept eye joint ops against app-based autos
Home Minister Araga Jnanendra told ET he will hold a meeting with top police and transport officials on Wednesday to discuss ways to regulate the operations of platform-based aggregators
Documents 'likely concealed' to obstruct Trump probe: Justice Dept
The filing provides the most detailed account yet of the motivation for the FBI raid this month on Trump's Mar-a-Lago estate, which was triggered by a review of records he previously surrendered to authorities that contained top secret information.
IT Dept raids 2 business groups in Maharashtra's Jalna, Rs 56 cr cash seized
Around Rs 100 crore of Benami property was seized including Rs 56 crore in cash, 32-kilogram gold, pearls-diamonds and property papers, sources added.
I-T department detects Rs 1,000-crore black income after raids on Gujarat group
Documents and digital data seized during the raids showed that the group had been engaged in “large-scale” tax evasion by adopting various methods, including by way of “unaccounted” cash sales outside the books of account, booking of bogus purchases and cash receipts from real estate transactions, CBDT said.
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