LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » Income Tax News

I-T department detects black income of Rs 100 crore after raids on contractors in Assam

Unaccounted income of Rs 100 crore has been detected after the income tax department raided three "leading" contractors of Northeast India based in Assam early this week, the CBDT said on Saturday.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
I-T department detects black income of Rs 100 crore after raids on contractors in Assam
The search and survey action was initiated on December 22 at fourteen locations in Guwahati, Silapathar and Pathsala in Assam and in Delhi. Source: PTI
Reported By: PTI
Updated: Sat, Dec 26, 2020
10:44 pm
Patna, PTI
RELATED NEWS
Income Tax: Confirmed! Important ITR refund status message update from I-T department Income Tax: Confirmed! Important ITR refund status message update from I-T department
Budget 2021 Markets Want More: How FM Sitharaman can make investments more attractive - Expert Deepak Jasani explains Budget 2021 Markets Want More: How FM Sitharaman can make investments more attractive - Expert Deepak Jasani explains
Income Tax returns: Earning money from YouTube, Facebook, Twitter? MUST know this Social Media ITR filing rule Income Tax returns: Earning money from YouTube, Facebook, Twitter? MUST know this Social Media ITR filing rule
Income Tax dept raids 28 properties of Tamil Nadu evangelist Paul Dhinakaran over alleged tax evasion Income Tax dept raids 28 properties of Tamil Nadu evangelist Paul Dhinakaran over alleged tax evasion
ITR Refund: Want to check Income Tax Refund status online? Do it this way at incometaxindia.gov.in; easy stepwise method ITR Refund: Want to check Income Tax Refund status online? Do it this way at incometaxindia.gov.in; easy stepwise method

Unaccounted income of Rs 100 crore has been detected after the income tax department raided three "leading" contractors of Northeast India based in Assam early this week, the CBDT said on Saturday.

The search and survey action was initiated on December 22 at fourteen locations in Guwahati, Silapathar and Pathsala in Assam and in Delhi.

"Cash of Rs 2.95 crore has been seized. Overall, undisclosed income to the tune of approximately Rs 100 crore has been unearthed so far during the search and survey operation," the Board said in a statement without sharing the identities of those raided.

See Zee Business Live TV Streaming Below:

It added that "jewellery of Rs 9.79 lakh has been seized and the sources of acquisition of some other jewellery worth Rs 2 crore is under verification."
The Central Board of Direct Taxes frames policy for the I-T department.

The entities covered are "leading contractors of Northeast and one group is also involved in the hospitality business," it said.

"The main allegation against the three groups is that they have taken accommodation (dubious) entries in the form of non-genuine unsecured loans and also securities premium from dubious Kolkata-based shell (dummy) companies."

"The three groups have suppressed their net profits across the years and routed back into business the unaccounted income through entry operators based out of Guwahati and Kolkata," the CBDT said.

It has been established, the statement said, that the shell companies from which loans/premium had been taken exist "only on paper" and have no real business and creditworthiness.?

"The entry operators, on being questioned, have admitted that the unsecured loans/share premium from the shell companies to the groups are non-genuine and bogus."

"Evidences of the cash trail of routing of funds through securities premium was unearthed during search. It has been established that amounts to the tune of about Rs 65 crore were routed back into regular books involving shell companies which actually represent unaccounted income of the group," it said.

The Board said a number of suspect cash transactions have been detected.?

"It has been gathered during the search action that one of the groups engages in huge cash transactions in hospitality business of proportions as high as 50 per cent, which is under examination."

"Some of the entities of the groups engage in purchases of jewellery in cash. The source of the cash purchases are under examination," it said.

Further investigation is on to detect the actual quantum involved in tax evasion even as a locker found during the raids is yet to be "operated", it said.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income tax
RELATED NEWS
Income Tax: Confirmed! Important ITR refund status message update from I-T department Income Tax: Confirmed! Important ITR refund status message update from I-T department
Budget 2021 Markets Want More: How FM Sitharaman can make investments more attractive - Expert Deepak Jasani explains Budget 2021 Markets Want More: How FM Sitharaman can make investments more attractive - Expert Deepak Jasani explains
Income Tax returns: Earning money from YouTube, Facebook, Twitter? MUST know this Social Media ITR filing rule Income Tax returns: Earning money from YouTube, Facebook, Twitter? MUST know this Social Media ITR filing rule
Income Tax dept raids 28 properties of Tamil Nadu evangelist Paul Dhinakaran over alleged tax evasion Income Tax dept raids 28 properties of Tamil Nadu evangelist Paul Dhinakaran over alleged tax evasion
ITR Refund: Want to check Income Tax Refund status online? Do it this way at incometaxindia.gov.in; easy stepwise method ITR Refund: Want to check Income Tax Refund status online? Do it this way at incometaxindia.gov.in; easy stepwise method

LATEST NEWS

7 planets orbiting TRAPPIST-1 may be made of similar stuff

Tata Motors launches i-Turbo petrol variant of premium hatchback Altroz

Twitter acts on inactive accounts, new verification soon

Mumbai fake gold case: Gang dupes jewelers

Yes Bank Q3 result FY21: Highlights

Just 42 pct girls allowed access to mobile phone for less than an hour a day: Survey

How to delete your phone number from TrueCaller, remove account: Follow these easy steps

7th Pay Commission latest news today: Massive pay plus dearness allowance, house rent allowance; Details of this 7th CPC central government offer at upsconline.nic.in

Italy tells TikTok to block users after death of young girl

Sony WH-1000XM4 Review: For those who don't compromise with quality

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved