Kanpur: Tax evasion worth crores of rupees was detected during Income Tax raid on a businessman in Kanpur, Uttar Pradesh on Thursday (December 23, 2021).
IT raids are going on at perfume trader Piyush Jain’s house, factory, office, cold store and petrol pump in Kanpur, Kannauj, Mumbai and Gujarat.
On specific intelligence inputs, along with IT raids, the Directorate General of GST Intelligence (DGGI), Ahmedabad, on Thursday launched searches at the factory premises in Kanpur and the premises belonging to a pan masala manufacturer and a transporter (who has been identified). not shared so far) who was involved in transportation of goods under the guise of fake invoices without generating e-way bill.
The Income Tax team first reached Piyush Jain’s Anandpuri residence in the city with a currency counting machine.
Similar raids were going on at Jain’s establishments in Mumbai and Gujarat.
According to officials, a case of tax evasion of about Rs 150 crore has come to the fore. This tax evasion was mainly done through shell companies.
Piyush Jain, a resident of Anandpuri, is originally from Chhippatti in Kannauj. He also has a house, perfume factory, cold store, petrol pump in Kannauj.
Piyush Jain also has a house, head office and showroom in Mumbai. Their companies are also registered in Mumbai itself.
The raids started simultaneously in Kanpur, Mumbai and Gujarat on Thursday morning and ended late in the night. Cash worth Rs 150 crore is reported to have been recovered during the raids.
The raid was led by a team from Mumbai and under its supervision a team of Income Tax officials of Kanpur also conducted raids.
According to officials, Piyush Jain has around 40 companies, of which two are in the Middle East.
“He is primarily into the perfume business with his base in Kannauj, while the group has a showroom in Mumbai from where perfumes are sold across the country and abroad,” officials said.
During the raids, it was also revealed that the company had taken loans in the name of shell companies. The company’s overseas transactions are also huge.
Meanwhile, an IT official said, “The documents relating to income and tax are being scrutinized. The process of counting currency notes with the help of SBI officials is still on. It may end by Friday. It may be seized. Proposes further in-depth investigation.”
Similarly, raids were also conducted on the factory premises and premises of a pan masala manufacturer and a transporter, who were involved in transportation of goods under the guise of fake invoices, without generating e-way bills.
The transporter used to generate multiple challans of less than Rs 50,000 for a truck load in the name of non-existent firms, to avoid generation of e-way bills. The officials successfully intercepted and seized four such trucks outside the factory premises.
More than 200 fake challans used for transportation without paying GST in the past have been recovered from the godown of the transporter. Further, shortage of raw material/finished goods has been detected as a result of taking physical stock in the factory.
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