https://www.taxtmi.com/news?id=23744 Search and seizure operations on a Mumbai business group uncovered an offshore entity in a tax haven controlled by the group's chairman, with funds siphoned from India and round tripped as share premium into flagship companies; forensic evidence and witness statements are said to establish promoter control. The action also detected bogus investment linked deductions claimed through sham entities, a falsely claimed unit deduction, unaccounted production at factories, seizure of cash and jewellery, and prohibitory orders on lockers and premises, with investigations continuing. en-us Tue, 16 Feb 2021 09:28:49 +0530 Tue, 16 Feb 2021 09:28:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=23744 Search and seizure operations on a Mumbai business group uncovered an offshore entity in a tax haven controlled by the group's chairman, with funds siphoned from India and round tripped as share premium into flagship companies; forensic evidence and witness statements are said to establish promoter control. The action also detected bogus investment linked deductions claimed through sham entities, a falsely claimed unit deduction, unaccounted production at factories, seizure of cash and jewellery, and prohibitory orders on lockers and premises, with investigations continuing. News - Tue, 16 Feb 2021 09:28:49 +0530 https://www.taxtmi.com/news?id=23744