I-T dept uncovers tax evasion worth crores post raids on two firms

Asia's Tech News Daily

© Provided by Business Today I-T dept uncovers tax evasion worth crores post raids on two firms

The Income Tax (I-T) Department has unearthed tax evasion worth crores of rupees after conducted multiple raids on a group operating in digital marketing and another company engaged in solid waste management, the Central Board of Direct Taxes (CBDT) said on Sunday. 

The I-T department carried out the searches on October 12 across many states. The first group operates in digital marketing and campaign management and the raids were conducted at seven premises situated at Chandigarh, Bengaluru, Mohali and SUrat, CBDT said in a statement.

Also Read: I-T dept detects Rs 184 cr black money after raids on Ajit Pawar, Mumbai realtor, others

It further stated that incriminating evidence found shows that the group was involved in securing accommodation entries (bogus business entries) using an entry operator.

“The entry operator has admitted to have facilitated the transfer of cash and unaccounted income of the group through hawala operators,” it alleged.

Inflation of expenditure and under-reporting of revenue has also been detected and the group has also been found to be indulging in unaccounted cash payments, the CBDT said.

The department found that personal expenses of the directors have been booked as business expenses in the books of accounts.

Also Read: I-T Dept unearths import under-invoicing, tax evasion by laptop firm

“Luxurious vehicles used by the directors and their family members are found to have been purchased in the names of employees and entry provider,” it claimed.

The second group searched is engaged in solid waste management and deals in solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities.

“Evidence found reveals that this group has indulged in booking of bogus bills for expenses and sub-contracts and a preliminary estimate of such bogus expenses booked is to the tune of Rs 70 crore,” the statement said.

Unaccounted investment in property of about Rs 7 crore has been detected and unaccounted cash of Rs 1.95 crore and jewellery of Rs.65 lakh has been seized, it said.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

What Trying To ‘Look Expensive' On TikTok Says About Us

“Okay I’m gonna tell you why your basic outfit is super boring and it’s not working for you,” says Maddison Collinge, a 25-year-old influencer from Michigan. She’s speaking on a ... Read more »

Commemoration Day: Sacrifices of the martyrs will remain indelible in conscience of our nation, says UAE President

© Provided by Khaleej Times UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan On the occasion of the Commemoration Day, President His Highness Sheikh Khalifa bin Zayed Al ... Read more »

Abu Dhabi event of global Muslim council postponed as precaution due to Omicron strain

© VB Abu Dhabi is adopting strong measures to curb the spread of coronavirus. Victor Besa / The National The World Muslim Communities Council conference, which was due to be ... Read more »

Abu Dhabi acquires new antibody treatment to fight Covid-19

© Victor O. Besa Dr Jamal Al Kaabi, undersecretary of the Department of Health – Abu Dhabi, said the new drug would further equip the emirate to protect its population. ... Read more »

'Saya mahu beri kejutan kepada ibu dan nenek'

© Provided by Sinar Harian JOHOR BAHRU – Selepas hampir setahun berada di Singapura, seorang pengurus operasi gembira kerana dapat pulang bertemu keluarganya di Nusajaya menerusi Laluan Perjalanan Lengkap Vaksin-Laluan ... Read more »

Best Cyber Monday deals on DSLR cameras include Nikon D5600, Canon EOS 4000D

Black Friday may be over but deals on your favourite gadgets and electronics have not stopped pouring in. That is because it is Cyber Monday and there is a wide ... Read more »

Delhi Air Pollution: SC raps NCR govts over rising AQI amid COVID-19, questions Centre over Central Vista project

© Provided by Jagran English New Delhi | Jagran News Desk: The Supreme Court on Monday once again slammed the Centre and Delhi-NCR governments over the rising pollution levels in ... Read more »

Bailable warrant cancelled against Param Bir Singh, asked to deposit r₹r15k in CM relief fund

© Provided by Hindustan Times File photo of former Mumbai police commissioner Param Bir Singh. (HT_PRINT) The commission investigating corruption allegations against former Maharashtra home minister Anil Deshmukh on Monday ... Read more »

‘Visionary' designer Virgil Abloh dies at 41, two days before Louis Vuitton fashion show

© Provided by Lifestyle Asia Virgil Abloh, founder of streetwear label Off-White and designer of menswear at Louis Vuitton, has died. He was 41. The news was announced through a ... Read more »

News18 Afternoon Digest: Singapore, Malaysia Ease Covid Curbs At Busy Border Crossing & Other Top Stories

© Provided by News18 News18 Afternoon Digest: Singapore, Malaysia Ease Covid Curbs At Busy Border Crossing & Other Top Stories Singapore, Malaysia Ease Covid Curbs At Busy Border Crossing Singapore ... Read more »

You Can Now Rent Lake Como Villa From ‘House of Gucci' on Airbnb

© Provided by News18 You Can Now Rent Lake Como Villa From ‘House of Gucci’ on Airbnb If you have watched Ridley Scott’s latest film House of Gucci, you may ... Read more »

Delhi on alert as Sikh for Justice threatens to gherao Parliament, hoist Khalistani flag

© Provided by Jagran English New Delhi | Jagran News Desk: An alert has been issued in the national capital after an intelligence input stating that the banned terrorist organization Sikh ... Read more »

IPL 2022 Retention LIVE Streaming: When and Where to watch Retention LIVE in India

© Provided by Zee News In less than 48 hours team, cricket fans around the world will know the final list of retentions made by the original eight IPL teams. ... Read more »

Interview: Shoeb Farooq, Business Head, Triumph Motorcycles India

© Provided by The Financial Express Over 50% of our sales volumes are coming from CKD models Over the last 12 months (November 2020 to October 2021), there has been ... Read more »

Royal Family: Prince Charles denies making comment about skin tone of Meghan Markle's baby

Prince Charles has denied speculation about the skin tone of Meghan Markle’s baby following allegations in a new book. A “well-placed source” claimed Charles made the comments in a conversation ... Read more »

Nurdles: the worst toxic waste you've probably never heard of

© Provided by The Guardian Photograph: Chamila Karunarathne/EPA When the X-Press Pearl container ship caught fire and sank in the Indian Ocean in May, Sri Lanka was terrified that the ... Read more »

Solomon Islands province 'not happy' at Australian police presence - political aide

© Reuters/JONE TUIIPELEHAKI Protests turn violent in Solomon Islands By Kirsty Needham SYDNEY (Reuters) – The Solomon Islands most populous province, the source of anti-government protestors who converged on the ... Read more »

DOH: All regions at low, minimal risk case classification for COVID-19

DOH Building All regions in the Philippines are now at low and minimal risk case classification for COVID-19, the Department of Health (DOH) announced Monday. At a media briefing, Health ... Read more »

Fishmongers' Hall victims continue to inspire two years on, says Sadiq Khan

© PA Media Incident on London Bridge People continue to draw inspiration and hope from Jack Merritt and Saskia Jones two years after they were killed in a terror attack, ... Read more »

French economic growth is solid, says finance minister despite new COVID wave

© Reuters/GONZALO FUENTES FILE PHOTO: French Economy and Finance Minister Le Maire presents government 2022 budget in Paris PARIS (Reuters) – French Finance Minister Bruno Le Maire sees no risk ... Read more »

Omicron Variant: What Is It And How It Can Affect Children And The Elderly

© Provided by The Asian Parent Singapore may have to “take a few steps back” with its reopening plans according to Prime Minister Hsien Loong. This news has come after ... Read more »

The fashion world pays tribute to Virgil Abloh: 'A once in a generation creative mind'

© Charles Platiau Louis Vuitton and Off-White designer Designer Virgil Abloh. Photo: Reuters The world of fashion lost a great this week, following the death of Louis Vuitton and Off-White ... Read more »

Ranveer Singh shares what Kapil Dev's mom always told him, announces 83 trailer update

Ranveer Singh (R) plays the role of Kapil Dev (L) in 83. Ranveer Singh shared an exciting new update about his upcoming film, 83. Sharing a new poster of the ... Read more »

Shop Selena Gomez's Rainbow Knives From 'Selena + Chef' at Amazon's Cyber Monday Sale

© HBO Max Each product has been independently selected by our editorial team. We may receive commissions from some links to products on this page. Promotions are subject to availability ... Read more »

Satyameva Jayate 2 lags behind Antim after first weekend. Box Office Collection Update

Satyameva Jayate sees a decline at the box office. The last weekend saw two huge releases in Bollywood. John Abraham-starrer Satyamave Jayate 2 and Salman Khan’s Antim: The Final Truth ... Read more »

Dollar Seshadri, Senior Priest and Officer on Special Duty at Tirupati Temple, Dies of Cardiac Arrest at 74

© Provided by News18 Dollar Seshadri, Senior Priest and Officer on Special Duty at Tirupati Temple, Dies of Cardiac Arrest at 74 Pala Seshadri, popularly known as Dollar Seshadri, who ... Read more »

'A heavy burden on lives': WHO criticises travel bans over Omicron variant

© Provided by Hindustan Times Since the discovery of the Omicron variant, several countries have imposed travel bans on the affected region in southern Africa. (Reuters Photo) The World Health ... Read more »

'Despite all efforts, the ground result is zero': Supreme Court expresses concerns over rising air pollution in Delhi-NCR

© Provided by Zee News NEW DELHI: The Supreme Court on Monday expressed serious concerns over alarming air pollution in Delhi and the NCR and called for strict compliance of ... Read more »

Manchester United have taken their first steps to implementing Ralf Rangnick's style

When Anthony Taylor blew the whistle to signal the start of this game it seemed as if some Manchester United players had confused it for the starting pistol in the ... Read more »

Dundee's Danny Mullen fires warning to benched big name rivals: "I believe I am the best striker at this club"

Danny Mullen has backed himself to fight off the challenge from Leigh Griffiths and Jason Cummings for a place in the Dundee side. © Danny Mullen celebrates after scoring Dundee’s ... Read more »

Lawley residents left vulnerable as police station operates without power

© Boikhutso Ntsoko/Eyewitness News A police officer at the Lawley Community Service Station works by torchlight as the station has been without power for more than two years. JOHANNESBURG – ... Read more »

4 top tips to help you shop for organic foods on a budget

© Provided by Independent Online (IOL) Eating food that has no pesticides and preservatives is the goal of many health-conscious shoppers. The problem lies in being able to afford organic ... Read more »

'Unsubsidised households must purchase set-top boxes out of their own pocket'

Read more »

Government mulls over compulsory vaccination

© Provided by SowetanLive SA will remain on alert level one lockdown while government discusses the possibility of vaccine mandates to access certain activities. The announcement was made by President ... Read more »

Honduras: Opposition candidate Xiomara Castro claims election victory

© Provided by dw.com Xiomara could put the left back in power for the first time since 2009 Opposition candidate Xiomara Castro of the Liberty and Refundation Party (LIBRE) claimed ... Read more »

Robredo's meeting with AFP stirs renewed #AbolishNTFELCAC calls

© Provided by Interaksyon Calls to abolish the government’s anti-terrorist task force were renewed online following the recent meeting of Vice President Leni Robredo with the military. Since it was ... Read more »

Ghislaine Maxwell sex-trafficking trial expected to go before jury

Photograph: Rick Bajornas/AP Ghislaine Maxwell’s sex-trafficking trial in Manhattan is finally expected to go before a jury on Monday, as opening statements follow finalization of the panel of 12 jurors ... Read more »

What will US's future look like if abortion becomes a crime again?

Composite: Getty Images In the early 1970s, law enforcement leaders in Chicago decided the practice of illegal abortion was intolerable in their city and, in a mostly forgotten chapter of ... Read more »

Call of Duty: Vanguard Cyber Monday Sales 2021: Where to Get It

We’ve got the latest price check on Call of Duty Vanguard heading into the season of Cyber Monday sales 2021. Call of Duty fans who haven’t had a chance to ... Read more »

Valorant Champions 2021 Trophy Revealed

The Valorant Champions 2021 trophy has been revealed. With Champions starting on Dec. 1, much excitement has been brewing from the Valorant community. The announcement of the trophy was made ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic