TaxTMI 
TaxTMI 
TaxTMI 
Income Tax Department conducts searches in Pune
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....ncome Tax Department conducts searches in Pune <br>News and Press Release<br>Dated:- 22-2-2021<br><BR>Income Tax Department carried out search and seizure operations on 17.02.2021 on a group based in ....
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....Sangamner, Pune at 34 different locations across Maharashtra. The group entities are largely engaged in packaging and sale of tobacco and related products, generation and distribution of power, sale o....
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....f FMCGs, and real estate development. During the course of the search operation, hand written and excel sheets maintained on computer revealed unrecorded cash sale transactions amounting to ₹ 2....
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....43 crore related to sale of tobacco. In addition to this, action on some dealers in tobacco products revealed further unrecorded sale by them amounting to ₹ 40 crore approximately. The group is....
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.... also accepting and paying cash over and above the registration value in transactions relating to real estate. Evidence of transactions amounting to ₹ 18 crore was found in this regard. Issues r....
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....elating to violations of section 50C of the Income-tax Act, 1961 amounting to ₹ 23 crore have also been found. During the course of the search operation, profit on unrecorded transactions of sa....
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....le of real estate amounting to ₹ 9 crore has been accepted by the assessee. Seizure of unaccounted cash of ₹ 1 crore has been made. Total undisclosed income amounting to ₹ 335 crore ....
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....has been detected so far. Further investigations are in progress.<BR> News - Press release - PIB....