Business EconomPosted at: Nov 16 2021 7:15PM I-T dept raids Pune-based firm engaged in manufacturing of excavators and cranes
New Delhi, Nov 16 (UNI) Continuing its drive against tax evasion, Income Tax (I-T) department has carried out a search and seizure operations on a Pune-based company engaged in manufacturing of heavy machinery like excavators and cranes claiming to have detected Rs 200 crore hidden income.
The I-T department in a statement said that the business group has admitted to unaccounted income of Rs 120 crore.
The taxmen have seized unaccounted cash and jewellery of Rs 1 crore and frozen 3 bank lockers. The search operation on November 11 covered as many as 25 locations across seven cities in the country.
During the course of the search, the I-T department said it had found several incriminating documents and materials in the form of electronic data and seized them.
"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.," the official statement said.
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, it added.
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