IT Department conducts searches in UP, Karnataka; seizes incriminating material

Prime News, National (New Delhi), Dec 22:- The Income Tax Department carried out a search and seizure operation on December 18 on various persons and their business entities, engaged in the business of civil construction and real estate, and running educational institutes in UP and Karnataka. A Kolkata-based entry operator has also surfaced in the search operation.

The search action covered more than 30 premises spread over various locations including Lucknow, Mainpuri, Mau, Kolkata, Bengaluru, and NCR. A large number of incriminating pieces of evidence including hard copy documents and digital data have been found and seized during the search. Preliminary analysis of the same has revealed the following modus-operandi of tax evasion:

It was found that several entities, engaged in the business of civil construction, were involved in the claiming of bogus expenditure running into crores of rupees.

Various incriminating documents including blank bill books, stamps, signed checkbooks of bogus suppliers have been found and seized. In the case of one company, undisclosed income of over Rs. 86 crore of the directors of the company has been detected.

Out of it, the person concerned has admitted a sum of Rs. 68 crore as his undisclosed income and offered to pay tax thereon. In the case of a proprietary concern, books of accounts relating to its turnover exceeding Rs. 150 crores during the last few years could not be produced.  (MR, Inputs: Agencies).

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