Category: Income Tax

आयकर विभाग ने दिल्ली और हरियाणा में छापेमारी की (10,000 Cr. टर्नओवर ki फिनटेक कंपनी ) (Ministry of Finance Press Release 17 Nov 2021)

जांच के दौरान यह भी पाया गया है कि कंपनी ने विदेशों में काम कर रही इस ग्रुप की अपनी ही कंपनियों को दो साल में सर्विस लेने के बहाने लगभग 500 करोड़ रुपए भेजे हैं। जांच के दौरान यह भी पाया गया कि समूह की कंपनियों को भेजी गई यह रकम या तो दी गई सर्विस के एवज में काफी अधिक है या फिर गलत है। साक्ष्यों से यह भी साफ हुआ है कि वेब आधारित आवेदन के जरिए लोन देने के इस बिजनेस का नियंत्रण विदेश से किया जा रहा है। जांच के दौरान विदेशी नागरिकों सहित प्रमुख लोगों के वक्तव्य लिए गए हैं।

• 17 Nov 2021

Income Tax Department conducts searches in Pune on heavy machinery Manufacturer :  Detection of total unaccounted income exceeding Rs. 200 crore. Out of the above, the assessee group has, so far, admitted to unaccounted income of Rs. 120 crore. Seizure of unaccounted cash and jewellery of Rs. 1 crore.

The Income Tax Department carried out a search and seizure operation on 11.11.2021 on a group at Pune which is engaged in manufacturing of heavy machinery like excavators, cranes, concrete machinery which are used in mining, piling and port, etc. Search operation has covered around 25 locations across 7 cities in India.

During the course of the search, several incriminating documents and materials in the form of electronic data have been found and seized.  Analysis of this evidence shows that the assessee has been suppressing its profit by adopting various malpractices such as, artificial lowering of sales through credit notes, bogus claim of expenses through unsubstantiated trade payables, non-genuine claim of expenses on unused free-of-charge services, non-verifiable commission expenses to related parties, wrongful deferment of revenue and incorrect claims of depreciation, etc. In the case of related entities, evidence of cash receipts by dealers/brokers, unaccounted investment in properties and unaccounted cash loans have also been found and seized.

The search action has resulted in seizure of unaccounted cash and jewellery of Rs. 1 crore. 3 bank lockers found during the search have been placed under restraint.

The search action has led to the detection of total unaccounted income exceeding Rs. 200 crore. Out of the above, the assessee group has, so far, admitted to unaccounted income of Rs. 120 crore.

Further investigations are in progress.

The Income Tax Department carried out search and seizure operations on 10.11.2021 on three different groups at 30 different premises in Visakhapatnam, Hyderabad, Vizianagaram and Srikakulam. These groups are mainly engaged in real estate business of development of residential plots and construction of apartments.

During the search operation, various incriminating evidences such as digital evidence, hand written books, loose sheets containing undisclosed cash transactions were found and seized.  The analysis of this evidence reveals that expenses have been inflated through bogus claims, to suppress taxable income. It was also detected that the groups had resorted to making transactions in cash which have not been reflected in the books of accounts.

So far, unaccounted cash of Rs. 1.20 crore and jewellery valued at Rs. 90 lakh have been seized. Prohibitory orders have been placed on 9 bank lockers. Overall, the search operation has resulted in the detection of undisclosed income to the tune of about Rs.75 crore.

Further investigations are in progress.

A Taxpayers’ Lounge has been set up by the Income Tax Department in India International Trade Fair, 2021 at Pragati Maidan, New Delhi from 14th – 27th November 2021, for fostering awareness about various services provided by the Income Tax Department to taxpayers and to facilitate compliance with the various Income-tax rules and procedures.

Shri J. B. Mohapatra, Chairman, Central Board of Direct Taxes, New Delhi inaugurated the Taxpayers’ Lounge today i.e 14.11.2021 at Hall No. 12 in the presence of Members of the Central Board of Direct Taxes, the Principal Director General of Income Tax (Administration and Tax Payer Services), the Principal Chief Commissioner of Income Tax (CCA), New Delhi and other senior officers of the Income Tax Department.

    The Taxpayers’ Lounge seeks to promote an environment of trust between the Department and the taxpayers as also to educate them about the initiatives taken by the Department in recent times. Keeping this objective in mind, various activities have been organised in the Taxpayers’ Lounge such as:

1. Assistance in application for PAN/e-PAN, Aadhaar-PAN linking and PAN related queries.
2. Assistance in e-Filing and Form 26AS (tax-credit) related queries.
3. Providing Taxpayer Information Series brochures on various topics, available both in e-format and paper format.
4. Virtual Reality Game and Video Car Game conveying the importance of paying Income Tax, to younger age-group visitors, in an engaging manner.
5. NukkadNatak, Quiz shows, Magic shows, live caricature drawing and drawing/painting competitions for children etc. on the themes of taxation and nation-building for the present and future taxpayers visiting the Trade Fair.

         The lounge will also be utilized for obtaining feedback about the problems being faced by the taxpayers. The lounge is, therefore, not only a focused outreach program, but also a platform for exhibiting the service-oriented approach of the Department.

            All COVID protocols will be followed during interactions at the Taxpayers’ Lounge.

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