The Earnings Tax Division on Wednesday carried out search operations on three distinguished fee agent teams primarily based in Punjab, masking many premises throughout Punjab and Haryana.
These teams are additionally engaged within the enterprise of operating metal rolling mill, chilly storage, normal mills, jewelry store, poultries, rice mills, oil mill, flour mill other than the enterprise of fee brokers, stated Central Board of Direct Taxes (CBDT).
“The search motion revealed that these Teams are suppressing their enterprise receipts and inflating bills. Additionally they don’t account for many of the sums acquired and paid in money. Additional, sure paperwork exhibiting funds of cash in money in buying immovable properties have been recovered and seized. In one of many teams, it has been discovered that the purchases of fruits have been achieved in the course of the harvest interval at low value, whereas the gross sales have been achieved in odd durations at very excessive charges after storing the products in chilly storage. The same modus operandi has been present in different Teams,” reads the CBDT assertion.
In keeping with CBDT, books of accounts (Kacha Khata Bahi) in Laddo script have been discovered, which present substantial unaccounted transactions operating into crores. These books of account are being deciphered with the assistance of an professional. Parallel units of books of accounts of a few of the enterprise issues have additionally been discovered which present suppression of gross enterprise receipts operating into crores on yearly foundation. It’s discovered that advances in money aggregating to crores are given to farmers and rates of interest of 1.5 per cent to three per cent per thirty days is charged. The curiosity is acquired in money and never proven within the books of account.
Money buy and sale associated to poultry enterprise and Rice sheller value greater than Rs 9 crore has been discovered. Unaccounted purchases amounting to Rs 1.29 crore have been discovered from one of many premises located in Jalandhar. Particulars of unaccounted gross sales have additionally been discovered. In metal rolling mills, discrepancy in inventory of completed items has been discovered and inventory taking of uncooked materials (scrap) is underway. Unaccounted inventory of completed items of greater than Rs 25 lakh has been labored out as but, stated CBDT.
“Unaccounted funding in immovable property amounting to Rs 3.40 crore has been detected and has additionally been accepted by the house owners of the properties coated in the course of the search. Unaccounted Money aggregating to Rs.1.70 crore has been present in these teams. Unexplained jewelry valued at Rs. 1.50 crore has been discovered. Unexplained inventory of Flour valued at Rs 1.50 crore has additionally been discovered. Eight Financial institution lockers have been put beneath restraint, which is being operated immediately,” it added.
The search operation continues to be underway and additional investigations are in progress.
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