IT Department conducts raid on 2 business groups in Maharashtra; evades Rs.150 crore on account of malpractices
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The Income Tax Department carried out search and seizure operations on 22.12.2021 on two business groups of Nandurbar and Dhule districts of Maharashtra.
According to IT department release, these groups were engaged in the business of civil construction and land development.
The IT department said that during the search and seizure operation many incriminating documents, loose papers, and digital evidence have been found and seized.
It added that entities belonging to the first group, the seized documents clearly reveal that they have resorted to large-scale suppression of taxable income by inflating their expenses, primarily by way of the claim of non-genuine sub-contract expenses and unverifiable old sundry creditors.
It further stated that evidence has also been gathered about unrecorded expenses incurred in cash. The preliminary investigation indicates that this group has evaded income to the extent of Rs.150 crore on account of the above malpractices.
In the case of the land developers, it has been found that a substantial part of the land transactions have been carried out in cash which is not accounted for in the regular books of account. IT department said that It informed that the search operation covered more than 25 premises spread across Nandurbar, Dhule, and Nashik. While it added that further investigations are in progress.