Income Tax Department conducts search on prominent business groups in Mumbai

Income Tax Department conducts search on prominent business groups in Mumbai https://www.taxtmi.com/news?id=22130 Searches and surveys on contractors and entry providers uncovered use of bogus companies to create accommodation entries as loans or expense bills, inflated expenses to suppress income, and a systematic modus operandi including bank fraud, forgery and siphoning of bank loans into property and share investments; investigations continue to identify beneficiaries and quantify the extent of accommodation entries and tax evasion. en-us Sat, 16 Nov 2019 15:07:40 +0530 Sat, 16 Nov 2019 15:07:40 +0530 TaxTMI RSS Generator Income Tax Department conducts search on prominent business groups in Mumbai https://www.taxtmi.com/news?id=22130 Searches and surveys on contractors and entry providers uncovered use of bogus companies to create accommodation entries as loans or expense bills, inflated expenses to suppress income, and a systematic modus operandi including bank fraud, forgery and siphoning of bank loans into property and share investments; investigations continue to identify beneficiaries and quantify the extent of accommodation entries and tax evasion. News - Sat, 16 Nov 2019 15:07:40 +0530 https://www.taxtmi.com/news?id=22130