Ludhiana: Recently, the Income Investigation Wing has got a big success by raiding the cycle companies of Ludhiana and Study and Immigration Agent located abroad based in Jalandhar. tax department.
The Income Tax Department detected unaccounted income of Rs 190 crore in the raids, out of which Rs 150 crore is said to be recovered from cycle companies. Unaccounted gold and crores of cash have been found in these raids which have been going on for three days.
In a statement issued on Tuesday, Ministry of FinanceSaid: “The IT department conducted a search and seizure operation in the cases of two groups located in Punjab. The search operation in the case of the first group was initiated on October 21, 2021. The group is engaged in the cycle business and was carried out Has been found to be involved in income suppression by showing fraudulent intra-group transactions within the group’s entities. The group was also found to be involved in obtaining a substantial part of the sale proceeds in cash and thereby suppressing business. Suppression of seized documents Undisclosed investments in immovable properties by group members have also been unearthed. Incriminating documents relating to undeclared sale of scrap have also been seized. Unaccounted cash of Rs 2.25 crore and unaccounted gold worth Rs 2 crore have been seized in the search operation. Income of about Rs 150 crore has been found in this group”.
Meanwhile, the amount of unaccounted income received from Jalandhar-based studies abroad and the immigration agent who conducted the raids on October 18 has shocked everyone. According to the ministry’s statement: “Search action revealed that the group used to charge a package of between Rs 10 lakh to Rs 15 lakh per student, depending on the country where the student wants to pursue education. Almost complete receipts.” The group has a total of more than Rs 200 crore in cash in the last 5 years. It has also been found that bank accounts Employees have been used to receive money, which is then withdrawn in cash. The profit earned from such receipts has never been disclosed in the income tax return filed. Only commissions received by group members from foreign universities are shown as receipts in income tax returns. The unaccounted income of about one lakh rupees has been unearthed in the search operation. 40 crores. Unaccounted cash worth lakhs of rupees has also been recovered in the search operation. Unaccounted jewelery worth Rs 20 lakh and Rs 33 lakh seized
The Income Tax Department detected unaccounted income of Rs 190 crore in the raids, out of which Rs 150 crore is said to be recovered from cycle companies. Unaccounted gold and crores of cash have been found in these raids which have been going on for three days.
In a statement issued on Tuesday, Ministry of FinanceSaid: “The IT department conducted a search and seizure operation in the cases of two groups located in Punjab. The search operation in the case of the first group was initiated on October 21, 2021. The group is engaged in the cycle business and was carried out Has been found to be involved in income suppression by showing fraudulent intra-group transactions within the group’s entities. The group was also found to be involved in obtaining a substantial part of the sale proceeds in cash and thereby suppressing business. Suppression of seized documents Undisclosed investments in immovable properties by group members have also been unearthed. Incriminating documents relating to undeclared sale of scrap have also been seized. Unaccounted cash of Rs 2.25 crore and unaccounted gold worth Rs 2 crore have been seized in the search operation. Income of about Rs 150 crore has been found in this group”.
Meanwhile, the amount of unaccounted income received from Jalandhar-based studies abroad and the immigration agent who conducted the raids on October 18 has shocked everyone. According to the ministry’s statement: “Search action revealed that the group used to charge a package of between Rs 10 lakh to Rs 15 lakh per student, depending on the country where the student wants to pursue education. Almost complete receipts.” The group has a total of more than Rs 200 crore in cash in the last 5 years. It has also been found that bank accounts Employees have been used to receive money, which is then withdrawn in cash. The profit earned from such receipts has never been disclosed in the income tax return filed. Only commissions received by group members from foreign universities are shown as receipts in income tax returns. The unaccounted income of about one lakh rupees has been unearthed in the search operation. 40 crores. Unaccounted cash worth lakhs of rupees has also been recovered in the search operation. Unaccounted jewelery worth Rs 20 lakh and Rs 33 lakh seized
.