The Central Board of Direct Taxes (CBDT) discovered more than $200 million in unaccounted income after raiding a Pune-based business group that manufactures heavy machinery such as excavators and cranes (CBDT).
As part of the investigation, 25 locations in seven cities were surveyed on November 11.
“Three bank lockers were restricted during the search, and $1 million in unaccounted cash and jewelry was seized.”
According to a CBDT statement, more than Rs 200 crore in unaccounted income was discovered during the search operation.
The CBDT determines the government’s taxation policy
According to the statement, an examination of these “shows that the assessee has been suppressing its profit by engaging in various malpractices such as artificially lower 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, and wrongful defamation.”
According to the CBDT, related entities of the group handled cash receipts from dealers or brokers, as well as unaccounted property investments and cash loans.
