AgenciesNEW DELHI: The Income Tax Department detected "unaccounted" income of Rs 175 crore after it raided two groups of civil contractors in poll-bound Tamil Nadu, the CBDT said on Thursday.
It said "unaccounted" cash of Rs 3 crore was seized after the searches were conducted on Wednesday at 18 premises in Madurai and Ramanathapuram districts.
The action was undertaken, the CBDT said, on the basis of intelligence inputs "about the existence of cash, which is likely to be distributed for election purposes."
Tamil Nadu will have a single-phase polling for its 234-member assembly on April 6.
As a result of the search, unaccounted income of Rs 175 crore has been detected, it said.
"Other findings include the identification of the fact that the assessee is booking bogus expenses under various heads to reduce the profits."
"The declared profits were less than 2 per cent of the turnover, when in actual accounts the profits exceeded 20 per cent," the CBDT said in a statement.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department.
"Similarly, more than 100 sub-contractors were introduced to book expenses to meet illegal payments, and payments for property purchases."
"These sub-contractors introduced, had filed returns of income from the same IP address, and for the first time ever, showing only this receipt as their sole income," it said.
It said "unaccounted" cash of Rs 3 crore was seized after the searches were conducted on Wednesday at 18 premises in Madurai and Ramanathapuram districts.
The action was undertaken, the CBDT said, on the basis of intelligence inputs "about the existence of cash, which is likely to be distributed for election purposes."
Tamil Nadu will have a single-phase polling for its 234-member assembly on April 6.
As a result of the search, unaccounted income of Rs 175 crore has been detected, it said.
"Other findings include the identification of the fact that the assessee is booking bogus expenses under various heads to reduce the profits."
"The declared profits were less than 2 per cent of the turnover, when in actual accounts the profits exceeded 20 per cent," the CBDT said in a statement.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department.
"Similarly, more than 100 sub-contractors were introduced to book expenses to meet illegal payments, and payments for property purchases."
"These sub-contractors introduced, had filed returns of income from the same IP address, and for the first time ever, showing only this receipt as their sole income," it said.
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5 Comments on this Story
 | Dharaviboy 4 hours ago tax not paid income many politicians and political parties is the bedrock of the Benami Indian Economy. |
 | PP India7 hours ago Sixty years of corruption can not be cleaned in few years and it has made Indians addicted to that. Everyday new cases will come and it takes years to clean one case and courts are jammed with that plus judges have their own inclination towards political parties. |
| Guru8 hours ago I.T AND E.D. CAN BE CONSIDERED AS THE BOOSTERS OF ECONOMIC DEVELOPMENT AND HELP TO AVOID TAXING POOR AND MIDDLE CLASS PEOPLE. E.D.- ENFORCE DIRECTORATE SHOULD BE THE MAJOR SOURCE OF "ECONOMIC DEVELOPMENT"OF THE COUNTRY. CHIDU WAS ARRESTED, PAWARS WERE QUESTIONED AND THEN E.D. BECAME MUM AS COURTS REJECTS WHEN E.D. PROPOSES. NUMEROUS CHEATERS ARE ESCPAING DAY BY DAY WITH ABUNDANT OF BAILS. HON' COURT MUST INTROSPECT, HOW LONG CULPRITS CAN BE PROTECTED AND POOR AND MIDDLE CLASS PEOPLE ARE BEING PUNISHED. LEGAL LOOHOLES HELP CHATERS TO ESCAPE WITH THE HELP OF HON. COURTS. CENTRAL GOVERNMENT NEEDS TO STRENTHEN ENFORCEMENT DIRECTORATE AND I.T WITH LEGAL TIBERS. THESE DIGERS SHOULD CATCH HOLD OF CHEATERS. BHARAT MATA KI JAI. |