Ludhiana: The recent raids concluded in Ludhiana bicycle companies and Jalandhar-based studies abroad and immigration agents have resulted in great success for the investigative wings from the Income Tax Department.
The IT department explores unresolved income worth Rs 190 Crore in the raid which said Rs 150 Crore has been detected from a bicycle company.
Gold and countless crore cash have been found in this raid which continues for three days.
In a statement issued on Tuesday, the Ministry of Finance, said: “The IT department conducts search and seizures in the case of two groups based in Punjab.
Search action if the first group starts on October 21, 2021.
This group is involved in the cycle business and has Found involved in revenue oppression by showing fake intra-group transactions in group problems.
The group was also found to have been involved in receiving most sales considerations in cash and thus.
Pressing turnover.
The documents seized revealed the oppression of turnover around RS 90 Crore Per year by group problems.
Search actions have caused countless income detection around Rs 150 Crore.
Search action has resulted in the seizure of countless cash 2.2 5 crore and uncountless gold confiscation rs 2 crore in this group “.
Meanwhile the quantum of revenues that were not achieved were excavated from Jalandhar-based studies abroad and the immigration agents raided on October 18 have surprised everyone.
According to the Ministry statement: “Search action has revealed that the group was used to charge a package, ranging from Rs 10 lakh to RS 15 Lakh per student, depending on the country where students want to pursue education.
Almost all acceptance from the group, aggregate to more than Rs 200 Crore in the last 5 years is cash.
It has also been found that bank accounts from employees have been used to receive money, which are then drawn in cash.
The earnings obtained from the revenue have never been expressed in the refund of the income tax submitted.
Only commissions received from the university Foreigners have been shown as an acceptance in returning income tax by group members.
Search actions have caused countless income detection of Rs.
40 crores.
Search actions also resulted in the seizure of countless cash.
20 lakh and uncountless jewelry confiscation rs 33 lakh “