New Delhi: The Income Tax Department has detected countless income from more than Rs 200 Crore after raiding Pune-based business groups engaged in manufacturing heavy machinery such as excavators and cranes, CBDT claims on Tuesday.
The search was made on November 11 at 25 locations in seven cities.
“Search action has resulted in the seizure of cash and countless jewelry rs 1 crore and three bank lockers have been placed under restraints.” Search actions have caused detection of total income that countless exceeds rs 200 crore, “CBDT said in a statement of various malaptors such as decreasing artificial sales through credit records, bogus claims for costs through unscrupulous business debt, non-original claims for free service costs Not used, commission costs that cannot be verified to related parties, misunderstanding income and wrong shrinkage claims, etc.
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The related entity from the group allegedly spoils in handling cash receipts from dealers or brokers, countless investments in property and countless cash loans, CBDT claims.