Income Tax Department conducts search on prominent business groups in Mumbai

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ncome Tax Department conducts search on prominent business groups in Mumbai <br>News and Press Release<br>Dated:- 16-11-2019<br><BR>Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th November, 2019 PRESS RELEASE Income Tax Department conducts search on prominent business groups in Mumbai The Income Tax Department conducted search acti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on in Mumbai and Surat on 06.11.2019 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation (BMC). A total of 37 premises were covered under search action and 7 premises were covered under survey. There were reports that certain contractors had taken entries in the form of loans, etc. from entry providers and also inf....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lated expenses in the books of accounts to suppress income. Incriminating evidences showing large scale tax evasion and money laundering have been found. It has also led to the detection of the use of bogus companies (floated by entry providers) for giving entries to businesses in the form of loans or bills for expenses, etc. In the case of the entry providers, systematic modus operandi of bank f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....raud and forgery has been detected whereby the promoters have made investments in immovable properties and shares of group companies by siphoning off the bank loans. In the case of the contractor groups, several instances about inflation of expenses by bogus purchases/sub-contracts and taking of loans from entry providers have been identified. So far, detection on account of above mentioned issue....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s is to the tune of &#8377; 735 crore and extent of accommodation entries is being quantified. Investigations are in progress, including identification of the remaining beneficiaries. (Surabhi Ahluwalia) Commissioner of Income Tax (Media & Technical Policy) Official Spokesperson, CBDT.<BR> News - Press release - PIB....