IT dept detects bill, tax evasion underneath import by laptop computer agency

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The CBDT on Saturday mentioned that the Income Tax Department has detected “massive” under-invoicing of imports after a latest raid on a dealer of laptops and cellphones.

On October 10, raids had been carried out at places within the National Capital Region, Haryana and West Bengal.

“The proof discovered and seized in the course of the search reveals that such low invoiced items have been paid to overseas consignees by hawala channels.

The Central Board of Direct Taxes, the coverage making physique for the tax division, mentioned in an announcement, “Almost the entire business has been found to be conducted in such a manner.”

It mentioned Rs 2.75 crore in money was seized in the course of the operation.

Taxmann discovered that the modus operandi of the buying and selling group “included import of goods in the name of shell entities at low value with intent to evade customs duties and/or mis-declaration of details of imported goods,” it mentioned.

“Upon clearance at the ports, such goods have been distributed through cash transactions across India,” the assertion mentioned.

Although the worth of the declared imports on the port of entry by use of such shell entities within the final three years is round Rs 20 crore, it’s estimated that the precise worth throughout this era might exceed Rs 2,000 crore. , “massive” under-valuations have been detected.

The CBDT mentioned a search of a container saved at Kolkata port was carried out and the invoice of lading declared the products as ‘HDMI cable’ price Rs 3.8 lakh.

“However, on de-sealing and search, it is revealed that the imported genuine goods are high value articles like laptops, mobile phones etc., valued at Rs 64 crore,” it claimed.

The assertion alleges that the unlawful property have been used for “acquisition of high value immovable properties, to hide cash offered in the form of fraudulent rental income and fraudulent unsecured loans and deposits in foreign bank accounts.” ”

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With inputs from TheIndianEXPRESS

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