Nagpur: Income Tax (I-T) Raids in 10 Pimpalgaon onion traders in Nashik Regency which began on Thursday leads to the foreclosure of more than RS 24 Crore, pegged to be the largest transportation spot in this country, said the source.
Officials also claimed to have detected countless income Rs 100 Crore, where traders recognize the concealment of Rs 50 Crore.
This means traders may pay taxes on the amount disclosed, while further assessment will continue for the rest.
The action is under the office of the Director of the Department of Income Tax (Investigation) in Nagpur.
Raids also reported to cause a decline in onion prices.
The action began on Thursday and since then, the price of onions has been dipped by RS10, touching RS30 A Kg.
This was because traders began to dismantle stocks allegedly caused for sale later on.
Traders said fresh arrivals on the market also had an impact on the tariff.
Actions by Taxmen have also exposed certain practices by traders who resulted in farmers to get a lower level for their products, but make student onions for consumers.
Payments for purchasing agricultural commodities such as onions can be made in cash.
Taking advantage of this, traders are allegedly found to show a large amount of cash paid to the purchase of onions in their books.
With a large payment is displayed on the names of individual farmers, it does not lead to tax obligations.
This is because agricultural income is released from taxes.
However, farmers actually get a smaller amount.
Showing a higher level purchase in books only help traders reduce their tax liability.
Here is an example of how it works.
A farmer paid RS10 / Kg cash for products.
This is a tariff for farmers.
But in the books, the number increases to, say, Rs30 / kg.
So finally, if the onion is sold further at RS35 / kg, profit on the note will be Rs5 / kg.
But the benefits are much higher, and not disclosed.
Taxman was studied to find evidence of real estate purchases through countless income.
Deals spread more than a year.
I-T Raids on Nashik onion traders produces cash 24CR in cash
