Income tax raids Archives - Lokmarg

Jharkhand’s income tax department recovered Rs 2 crore in cash, and Rs 100 crore in unaccounted investments/transactions, and a total of 16 bank lockers have been put under restraint after a series of search and seizure actions on 50 premises in various states.

These raids were done on a few business groups engaged in coal trading/ transportation, execution of civil contracts, extraction of iron ore, and production of sponge iron on November 4, 2022. Those searched include two politically exposed persons and their associates. The searches were carried out at more than 50 premises spread over Ranchi, Godda, Bermo, Dumka, Jamshedpur, Chaibasa, Patna, Gurugram, and Kolkata.
The search operation has led to the seizure of a large number of incriminating documents and digital evidence. A preliminary analysis of this evidence indicated that these groups have resorted to various modus operandi of tax evasion including inflation of expenses, transactions of loans in cash, payments/receipts in cash, and suppression of production. During the search, it has also been found that investments have been made in immovable properties, the source of which could not be fully explained.

According to the statement of the Central Board of Direct Taxes (CBDT), the search operation also revealed that one of the groups engaged in civil contracts was not maintaining regular books of account. The group has been inflating its expenses by entering into non-genuine transactions of purchase of raw material/ sub-contract expenses in a lump sum at the fag end of the year. Evidence seized also suggested that unfair payments in cash had been made to secure contracts.

The CBDT statement stated in the case of the other group engaged in coal trading/ extraction of iron ore, etc, unaccounted stock of iron ore of huge value has been found, which is yet to be quantified. The said group has also introduced its unaccounted money in the form of unsecured loans and share capital by layering the transactions through shell companies. Professionals associated with this group admitted that they had not verified any supporting documents and had signed the audit report prepared by the group’s accountant without due diligence, the statement added.

The CBDT statement also said that further investigations were under progress. (ANI)

Officials of the Income Tax (I-T) department on Tuesday evening carried out searches at a house in which DMK leader Kanimozhi is staying, sources said. She is the sister of party president MK Stalin.

“Raids are being carried out at a house Kanimozhi,” sources in the I-T department said late Tuesday evening. The searches come before all Tamil Nadu goes to polls on April 18 for 39 seats.

The DMK candidate from Thoothukudi Lok Sabha seat, Kanimozhi is the daughter of Dravidian mascot late M Karunanidhi.

Even as the house was being searched a posse of DMK supporters gathered outside and staged a demonstration raising anti-Modi slogans.

Reacting to the raids, DMK president Stalin said: “I got a message that Kanimozhi’s premises is being raided. BJP candidate Tamilisai Soundarajan’s premises has crores and crores of rupees kept there. Why no raids there? Who will take action? Modi used I-T department, Central Bureau of Investigation, Judiciary and latest in the row is Election Commission of India to interfere in the electoral process.”

Stalin said, “They are doing this because of the fear of losing.”

“This is basically murder of democracy. Rs 2000 note is being widely offered in the elections, will you report this? In Theni constituency, Rs 1000 note is being offered to voters, what about that? Tamil Nadu minister Velumani is accused of distributing money, his close aide Sabesan’s premises is raided, no one reported, no news on this,” he added.

Earlier in the day, Tamil Nadu’s chief electoral officer said that the Income Tax (IT) department and Election Commission (EC) had recovered Rs 135.41 crore from raids conducted across Tamil Nadu till Tuesday.

Sahoo said 1022 kilograms gold and 645 kilograms of silver have been recovered in the raids which took place all over the state and are still ongoing in many areas, bringing the total value of precious metals recovered to Rs 294.38 crore.

Meanwhile voting has been cancelled in the state’s Vellore Lok Sabha constituency, in the wake of seizures of large amounts of unaccounted cash. (ANI)

Tag: Income tax raids

J’khand: I-T Dept Raids Unearth Rs 2 Cr Cash, Rs 100 Cr Unaccounted Transactions

I-T Raids Kanimozhi House, DMK Protests

Officials of the Income Tax (I-T) department on Tuesday evening carried out searches at a house in which DMK leader Kanimozhi is staying, sources said. She is the sister of party president MK Stalin.