The search, carried out at 16 premises in Chennai, Mumbai, Hyderabad and Cuddalore led to evidence of unaccounted assets worth about Rs 100 crore accumulated by the ex-director and his family members in the past three years, said the board.
“Shares of this entity were sold by its erstwhile shareholders, a resident and a non-resident entity, which routed its investment through a Mauritius intermediary, for about Rs 2,300 crore in FY 2017-18 but capital gains out of this sale transaction were not disclosed to the department,” said the CBDT.
“Undisclosed capital gains in the hands of both the shareholders are also under investigation. Other land transactions involving cash payments and an issue relating to compulsory convertible debentures are also under examination,” it said.
The IT SEZ developer claimed bogus work-in-progress expenses of about Rs 160 crore in an under-construction project, the CBDT said without naming the companies or people involved. It said the entity had also claimed capital expenses of about Rs 30 crore on account of bogus consultancy fees in an operational project as well as inadmissible interest expenses of Rs 20 crore.
The board said the evidence found at the premises of the stainless steel supplier revealed that the supplier group had been conducting three sets of sales – accounted, unaccounted and partly accounted.
The unaccounted and partly accounted sales amounted to more than 25% of the total sales each year. Further, the assessee group provided sales accommodation bills to various customers and received commission of more than 10% on these transactions, according to the CBDT.
“While the quantification of unaccounted income is being carried out currently, it is estimated to be around Rs 100 crore,” it said.
Related concerns of the assessee group are involved in financing, money lending and real estate development, said the CBDT. Unaccounted transactions conducted by these entities and the unaccounted capital and loan infusion in these entities are estimated to be about Rs 50 crore, it said.
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18 Comments on this Story
Ramanujam Veraswamy54 days ago
All types of tax evasion carried out by Industrialists are only under the guidance of Chartered Accountants. Such CAs can be considered mens rea for the criminal offence of tax evasion, black money and are Tobe treated as criminals under IPC. Then only emergence of tax evasions can be controlled.
Axd54 days ago
Tax frauds, gst, undeclared income,is such that the government loses income whereas bank frauds such as NPAs, fraudulent loans, wilful defaulters etc where the banks lose the hard-earned money of the depositors and investors who have to bear the consequences of losing their wealth. Government chases people who hide their income but there is a legal mechanism for loan defaulters not to payback anything and are allowed to go scot-free looting the banks and public money.
Mihir Kali Bhattacharya54 days ago
Check which bank is going to be bankrupt for funding Rs2300 crs?