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I-T division detects black source of revenue of Rs 300 crore after raids on 2 Rajasthan teams


NEW DELHI: The Source of revenue Tax Division has detected unaccounted source of revenue totalling Rs 300 crore after it raided two Rajasthan-based teams engaged within the industry {of electrical} items manufacture and cash lending respectively, the CBDT mentioned on Tuesday.

The raids have been performed on December 22 and about 50 premises of the 2 unidentified teams positioned in Jaipur, Mumbai and Haridwar have been lined.

“A initial research of seized proof unearths that a number of entities, engaged within the industry of producing switches, wires, LEDs, and many others., had been promoting such items which don’t seem to be recorded within the common books of account. “they have been claiming bogus bills to scale back taxable source of revenue,” the Central Board of Direct Taxes (CBDT) mentioned in a remark.

Transactions evidencing undisclosed source of revenue of greater than Rs 150 crore had been detected, mentioned the policy-making frame for the Source of revenue Tax Division. It claimed that the “key individual” of the gang has “admitted” Rs 55 crore as undisclosed source of revenue and has introduced to pay tax on it.

Research of seized paperwork in terms of the opposite team has proven that lots of the loans are given in money and a reasonably top interest rate has been charged on those loans, the CBDT mentioned.

“Neither the loans complex nor the pastime source of revenue earned thereon, had been disclosed within the returns of source of revenue of the individuals engaged on this industry,” it mentioned.

Proof in terms of undisclosed source of revenue of greater than Rs 150 crore has been detected on this team, it mentioned. The dep. additionally seized money and jewelry price Rs 17 crore from the 2 teams.

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