Nagpur: The Income tax The department has said that a search and seizure operation was conducted in the premises of the former Home Minister. Anil Deshmukh He has produced evidence of concealment of income of Rs 17 crore. “Several bank lockers found during operations have been placed under prohibitory orders and the evidence collected is being examined,” a press release issued by the department said.
The operation was carried out on September 17 in the case of a prominent public figure in Nagpur and his family, the release said. This prompts action against Deshmukh and his family members. Apart from Nagpur, more than 30 campuses were covered in cities like Mumbai, New Delhi and Kolkata.
There is evidence of an unaccounted amount of Rs 4 crore being sent to the trust run by Deshmukh and his group. The amount has been received in the form of donations through Delhi based companies. This clearly confirms the redemption of unaccounted income, which was sent as donation, claims the IT department.
The department has also claimed to have found specific evidence which shows that three educational institutions of the trust run by Deshmukh were inflating expenses. Expenses were recorded as wages paid to employees. A part of the amount was collected back in cash. Evidence of such practices was found over several financial years, and the total amount exceeds Rs 12 crore, the release said.
The release said that Rs 87 lakh has been paid in cash to the brokers for arranging admission. This . makes up the full amount of hidden income 17 crore according to the income tax department.
The group has wide-ranging business interests in areas ranging from education, warehousing and agri-business in Nagpur and other parts of the state, the release said.
During the search and seizure operation, several incriminating documents, loose sheets and digital evidence were found and confiscated. This evidence clearly indicates the group’s involvement in unaccounted financial transactions carried out outside the regular books of accounts, including inflation of expenses, money laundering, bogus donation receipts, unaccounted cash expenditure, etc., the release said.
After the search, the evaluation report will be prepared by the department and presented to the concerned Assessing Officer in the central zone of the department. After a raid the jurisdiction of a case is transferred to the central circle rather than to the regular circle. The Assessing Officer of the Central Circle will assess the tax liability by referring to the assessment report. A chartered accountant said that the people involved in the raids also get an opportunity to present their point of view before the Assessing Officer.
The operation was carried out on September 17 in the case of a prominent public figure in Nagpur and his family, the release said. This prompts action against Deshmukh and his family members. Apart from Nagpur, more than 30 campuses were covered in cities like Mumbai, New Delhi and Kolkata.
There is evidence of an unaccounted amount of Rs 4 crore being sent to the trust run by Deshmukh and his group. The amount has been received in the form of donations through Delhi based companies. This clearly confirms the redemption of unaccounted income, which was sent as donation, claims the IT department.
The department has also claimed to have found specific evidence which shows that three educational institutions of the trust run by Deshmukh were inflating expenses. Expenses were recorded as wages paid to employees. A part of the amount was collected back in cash. Evidence of such practices was found over several financial years, and the total amount exceeds Rs 12 crore, the release said.
The release said that Rs 87 lakh has been paid in cash to the brokers for arranging admission. This . makes up the full amount of hidden income 17 crore according to the income tax department.
The group has wide-ranging business interests in areas ranging from education, warehousing and agri-business in Nagpur and other parts of the state, the release said.
During the search and seizure operation, several incriminating documents, loose sheets and digital evidence were found and confiscated. This evidence clearly indicates the group’s involvement in unaccounted financial transactions carried out outside the regular books of accounts, including inflation of expenses, money laundering, bogus donation receipts, unaccounted cash expenditure, etc., the release said.
After the search, the evaluation report will be prepared by the department and presented to the concerned Assessing Officer in the central zone of the department. After a raid the jurisdiction of a case is transferred to the central circle rather than to the regular circle. The Assessing Officer of the Central Circle will assess the tax liability by referring to the assessment report. A chartered accountant said that the people involved in the raids also get an opportunity to present their point of view before the Assessing Officer.
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