TaxTMI 
TaxTMI 
Income Tax Department conducts searches in Karnataka
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....ncome Tax Department conducts searches in Karnataka <br>News and Press Release<br>Dated:- 3-11-2021<br><BR>The Income Tax Department carried out search and seizure operations on one of the leading gro....
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....ups of Karnataka, engaged in the civil construction of roads and irrigation projects, on 28.10.2021 at various premises located in North Karnataka. The search operation has revealed that this group h....
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....as been suppressing its profits by booking bogus expenses in purchase of materials, labour expenses and payment to subcontractors. Various incriminating documents including digital evidences indicati....
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....ng non-genuine claim of such expenses have been found and seized. Analysis of the same shows that unaccounted cash has been received by the key group person from such vendors/ suppliers of materials. ....
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....It was also found that their own relatives/friends/employees were used as conduits in the name of subcontractors who neither executed any work nor did they have the capability/capacity to execute the ....
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....work. The assessee group has been generating unaccounted cash from these transactions. The search action has led to detection of unaccounted income of more than ₹ 70 crore which has been admit....
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....ted as undisclosed income by the assessee group. Further investigations are in progress.<BR> News - Press release - PIB....