new Delhi: The Central Board of Direct Taxes (CBDT) on Sunday said that the Income Tax Department has detected undisclosed income of around Rs 224 crore after the recent raids on a unicorn start-up group based in Pune and Thane in Maharashtra.
The CBDT said it was found that the group had made fraudulent purchases, spent huge unaccounted cash and received housing entries worth over Rs 400 crore, PTI reported.
The CBDT said it has found that the group received huge foreign funds through the Mauritius route by issuing shares at “extremely” high premiums.
The CBDT in a statement said, “These evidences were encountered from the directors of the group, who accepted this practice under oath, disclosed excess income of more than Rs 224 crore in various assessment years, and consequently their tax liability was payable.” offered to pay. statement, the news agency reported.
The CBDT, which is the policy making body for the tax department, said the “complex” hawala network of some shell companies based in Mumbai and Thane was also unearthed.
“These shell companies exist on paper and were created only for the purpose of providing accommodation (fake) entries. Preliminary analysis has revealed that the total quantum of housing entries provided by these shell entities is more than Rs 1,500 crore,” the CBDT said.
The Union Finance Ministry also confirmed this saying that the group has a pan-India presence with an annual turnover of more than Rs. 6,000 crores.
A total of 23 premises have been included in the search operation in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh, the ministry said.
The Finance Ministry said that a large number of incriminating evidence in the form of hard copy documents and digital data have been found and seized during the search operation.
“These evidences have revealed that the group has booked bogus purchases, spent huge unaccounted cash and obtained housing entries, aggregating to Rs. 400 crores,” the Finance Ministry said in a release.
The Finance Ministry said that unaccounted cash of Rs. One crore and jewelery worth Rs. So far 22 lakh have been seized.
“Further investigation is on,” the ministry said.