PremiumThe I-T department said the group has booked bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries, aggregating to the tune of over ₹400 crore
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The Income Tax department has detected undisclosed income of about ₹224 crore after it recently raided a start-up group based in Pune and Thane in Maharashtra, the CBDT said on Sunday. The I-T sleuths did research on March 9 at 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh, and Madhya Pradesh.
They have seized unaccounted cash worth ₹1 crore and jewellery worth ₹22 lakh. The group has booked bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries, aggregating to the tune of over ₹400 crore.
The Central Board of Direct Taxes, the policy-making body for the tax department, said the group is engaged in wholesale and retail of construction materials and has a pan-India presence with an annual turnover exceeding ₹6,000 crore.
"These shreds of evidence were confronted to the directors of the group, who admitted under oath this modus operandi, disclosed additional income of more than ₹224 crore in various assessment years, and consequently offered to pay their due tax liability," the CBDT claimed.
The group obtained huge foreign funding via the Mauritius route, by issuing shares at an "exorbitantly" high premium. The tax sleuths have also unearthed some Thane and Mumbai-based shell companies. The shell companies were created
A "complex" hawala network of some Mumbai and Thane-based shell companies, was also unearthed, the CBDT said. The shell companies were created for providing accommodation (bogus) entries.
"Preliminary analysis has revealed that the total quantum of accommodation entries provided by these shell entities exceeds ₹1,500 crore," it said.
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