The CBDT on Saturday mentioned that the Income Tax (IT) division has unearthed an alleged tax evasion of Rs 175 crore after raiding a metal manufacturing and buying and selling conglomerate primarily based in Maharashtra and Goa.
Searches had been carried out in Pune, Nashik and Ahmednagar districts of Maharashtra and Goa on Wednesday and a complete of 44 premises had been lined.
“So far, total unaccounted income of Rs 175.5 crore has been detected, which includes unaccounted cash and jewellery, shortage and excess of stock and fraudulent purchases,” a press release from the Central Board of Direct Taxes (CBDT) mentioned. .
It mentioned that “unaccounted” money price Rs 3 crore and jewelery price Rs 5.20 crore have been seized.
The CBDT claimed that in searches 194 kg of “unaccounted” silver articles price Rs 1.34 crore had been discovered and “admitted and declared” by the assessee as further earnings.
“The evidence found during the search revealed that the group was indulging in the fraudulent practice of booking fraudulent purchases of scrap and sponge iron from various fake invoice issuers,” it mentioned.
It mentioned, “The premises of the issuers of faux challans had been additionally lined in the course of the searches.
Such bill issuers have admitted that they solely provided the invoice however no materials and likewise created pretend e-way payments to indicate it as real buy and declare GST enter credit score, the assertion mentioned.
“With the energetic assist of GST officers in Pune, car motion monitoring apps had been used to establish pretend e-way payments.
“Total fraudulent purchases have been identified so far from these parties, valued at around Rs 160 crore,” the assertion mentioned.
The CBDT claimed that the tax officer discovered “shortage of goods worth Rs 3.5 crore and excess stock of Rs 4 crore, and the same has been accepted by the assessees” from the premises.
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With inputs from TheIndianEXPRESS
