LUDHIANA: In a big action in opposition to tax evasion and black cash, important directorate of income tax (investigation) Haryana and Himachal Pradesh on Thursday raided 25 premises of a famend metal manufacturer of the region.
According to assets properties, factories and offices of the owners of the crowd situated in Delhi, Dhanbad (Jharkhand), Faridabad, Sonipat, Panipat, Karnal , Panchkula , Kala Amb (Himachal) have been raided via with regards to 300 IT officers from various offices together with investigation wing Karnal on Thursday, after receiving particular enter in regards to the owners of the crowd suppressing their actual income and paying less taxes.
Sources also revealed that to this point the IT division’s teams have discovered proof of suppression of income to the tunes of Rs. 100 crores via this company via taking bogus purchases from shell corporations to bring down the real income. It is most likely that the overall determine of the suppression of income would possibly further rise , which will be ascertained as soon as the hunt ends.
Speaking to TOI on situation of anonymity a top rating IT legit stated, "The family owning the steel manufacturing company originally belongs to Sonipat but now they have homes in Panchkula and other cities as well. They have factories in Kala Amb and Dhanbad and offices in other places as well and today 25 premises belonging to the owners are being covered under the search. The action was taken on the company for evading taxes worth crores from past few years by showing reduced profits. The modus operandi of the owners was to suppress the actual income by reducing the profits by 35 to 40 percent which they were doing by arranging bogus bills of shell companies. So far in our action suppression of income to the tunes of Rs. 100 crores has been established which might rise once the operation concludes". However the raids on the group was once nonetheless on till the submitting of this news and as in line with assets it was once most likely that the action would possibly proceed further for an afternoon or two.
According to assets properties, factories and offices of the owners of the crowd situated in Delhi, Dhanbad (Jharkhand), Faridabad, Sonipat, Panipat, Karnal , Panchkula , Kala Amb (Himachal) have been raided via with regards to 300 IT officers from various offices together with investigation wing Karnal on Thursday, after receiving particular enter in regards to the owners of the crowd suppressing their actual income and paying less taxes.
Sources also revealed that to this point the IT division’s teams have discovered proof of suppression of income to the tunes of Rs. 100 crores via this company via taking bogus purchases from shell corporations to bring down the real income. It is most likely that the overall determine of the suppression of income would possibly further rise , which will be ascertained as soon as the hunt ends.
Speaking to TOI on situation of anonymity a top rating IT legit stated, "The family owning the steel manufacturing company originally belongs to Sonipat but now they have homes in Panchkula and other cities as well. They have factories in Kala Amb and Dhanbad and offices in other places as well and today 25 premises belonging to the owners are being covered under the search. The action was taken on the company for evading taxes worth crores from past few years by showing reduced profits. The modus operandi of the owners was to suppress the actual income by reducing the profits by 35 to 40 percent which they were doing by arranging bogus bills of shell companies. So far in our action suppression of income to the tunes of Rs. 100 crores has been established which might rise once the operation concludes". However the raids on the group was once nonetheless on till the submitting of this news and as in line with assets it was once most likely that the action would possibly proceed further for an afternoon or two.
Ludhiana: IT raids on steel company unearth undisclosed income worth Rs 100 crores
![Ludhiana: IT raids on steel company unearth undisclosed income worth Rs 100 crores]()
Reviewed by Kailash
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May 03, 2018
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