Income Tax Department raids two Punjab-based companies and finds unrecorded income of Rs 150 cr: The Tribune India

Tribune press service

New Delhi, October 26

During the Income Tax Department’s recent raids against two Punjab-based business groups including a cycle maker, unrecorded receipts worth Rs 150 crore were seized by the department.

The Central Commission on Direct Taxes (CBDT), in a statement, said: “The group has been established to be involved in suppressing income by showing fake intra-group transactions. The group was also involved in receiving a substantial part of the consideration for the sale in cash and in suppressing the turnover. “

“The search action led to the detection of unrecorded income of approximately Rs 150 crore and Rs 2.25 crore in cash and gold valued at Rs 2 crore,” he said.

The second group, based in Jalandhar, provides students with services related to immigration and study visas. Research action in this group was launched on October 18, the CBDT said. During the raids, it was revealed that the group was charging a flat rate ranging from Rs 10 lakh to 15 lakh per student.

“Almost all of the group’s revenue, totaling over Rs 200 crore over the past five years, is in cash. It was also found that employee bank accounts were used to receive money, which was then withdrawn. The profits from these receipts were never disclosed in the computer returns, ”said the CBDT.

Only the commission received from foreign universities appeared in receipt in the I-TR, he added.

Rs2.25-cr of money seized

• CBDT claims cycle group was found to be involved in suppressing revenue by showing fake intra-group transactions
• Cash of Rs2.25 crore and gold worth Rs2 crore were also seized
• The second group, engaged in immigration and visa services, received all of the proceeds of over Rs 200 crore in cash in five years and never disclosed the profits made in the ITR.