Raids in 47 Property Contractor Giarth income is not disclosed
The Income Tax Department has detected revenues that are not disclosed around Rs 750 Crore after RAID on three Bengaluru major contractors involved in the implementation of irrigation projects and highways.
Searches started on October 7 conducted in four states.
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During search operations, it was found that the three groups led by this contractor were involved in the oppression of their income by using fake purchases, inflation of labor costs, ordering false sub-contracts between other differences.
The investigation revealed that one of the contractor groups had booked false sub-contracts on behalf of around 40 people not and were not connected to the construction business.
After the investigation, these people have acknowledged charges.
One group claimed to have pampered itself in the inflation of labor costs by RS 382 Crore.
Furthermore, other groups have been found to have taken accommodation entries, from non-existent paper companies, as far as Rs 105 Crore.
Various evidence that is burdensome in the form of physical documents, digital evidence and others have been confiscated.
During search, countless cash 4.69 crore, countless jewelry & bars worth 8.67 crore rs and silver articles worth Rs 29.83 lakh have been confiscated.
Exit from RS 750 Crore detected, the amount of RS.487 Crore aggregate has been received by each group entity as their income that is not disclosed.
Further investigation is underway.