Mumbai: In a major operation, the income tax department has invaded steel producers who prominent and detect unavoidable income from around RS 175 Crore from 44 places targeted at Maharashtra and Goa, officials said on Saturday.
Simultaneous series of raids began on Wednesday in Ahmednagar, Nashik, Pune and Goa and investigations still lit with recovery of burdensome documents and digital evidence.
The affected seizures have so far included uncountable investments in property, RS 3 Crore cash, Jewelry worth Rs 5.20 Crore, silver articles worth around Rs 1.34 Crore, said ITD.
In accordance with the investigator, it has emerged that the group was involved in the practice of fraud for fake purchases and iron sponge from certain ‘false invoice issuers’, and many fake documents found in raids.
According to ITD, the fake invoice issuers have revealed that they only provide bills but there are no ingredients and also produce fake e-way bills to prove it as an original purchase to allow GST input credit claims.
With the help of Pune GST authority, ITD mobilized the ‘vehicle movement tracking application’ to identify fake e-way bills.
Until now, Detective has identified false purchases from various parties in a tone around Rs 160-Crore and further verification processes are still on.
ITD also found a shortage of goods with Rs 3.50 Crore and excess shares from Rs 4 Crore from a deprived place that had been received by the assessor (steel company).
“So far the total RS 175.5 Crore of income that is not achieved has been excavated including cash and jewelry, short and excess shares and fake purchases that have been received by the appraiser.
Search and further investigation are ongoing,” ITD said.
It raided Maharashtra steel producer
