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Taxmen Find Rs 75-Crore “Unaccounted Income” In Raids On Bihar Traders

Income Tax Department had detected “undisclosed” earnings of Rs 75 crore.

New Delhi:

The Income Tax Department had detected “undisclosed” earnings of Rs 75 crore after it raided some contractors and merchants at a number of locations within the poll-bound Bihar, the CBDT mentioned on Friday.

The searches have been carried out on Thursday in opposition to “four prominent” contractor teams in Patna, Bhagalpur, Hilsa and Katihar.

Also, surveys (the place the taxman solely searches enterprise premises of the assessee) have been carried out in opposition to some merchants of mined rocks in Gaya district of the state.

“All the four groups have been found to have been evading taxes by inflating expenses for the supply of material and labour. The searches, so far, have led to unearthing of unaccounted income of about Rs 75 crore,” the Central Board of Direct Taxes mentioned in an announcement.

The CBDT is the executive authority for the Income Tax Department.

As a lot as Rs 3.21 crore money has been seized in the course of the raids, whereas fastened deposits of Rs 30 crore have been positioned underneath prohibitory orders, it mentioned.

Further, properties price Rs 16 crore are being positioned underneath prohibitory orders, the assertion mentioned.

Polls for the 243-member Bihar meeting are being held in three phases. The first part was held on October 28, whereas the subsequent two rounds might be held on November Three and November 7. Counting of votes might be held on November 10.

The tax division has this month alone raided two authorities contractors, a silk dealer, a mining businessman, a cooperative financial institution chairman and their linked entities in Bihar on prices of tax evasion.

The CBDT mentioned, in a single case, it discovered funds have been made to numerous events with none proof of getting obtained any providers or provides.

“Payments made to bogus parties are received back as an unsecured loan or sometimes withdrawn in cash. Such loans are of about Rs 10 crore,” it mentioned.

The tax division additionally discovered that “substantial bogus purchases have been debited in the books.”

“These parties do not exist, but are shown as ”creditors” in the books. Such creditors amount to about Rs 20 crore,” it mentioned.

Bank paperwork, accounts and different “incriminating” materials of some bogus events have been seized from the premises of the assessee, it mentioned.

“These documents and consequential field investigations clearly show that the parties are not genuine and bank accounts have been opened and are being operated by the assessee only.”

“The cash generated has been used in acquiring properties,” the CBDT mentioned.

Documents present that in one other case, funds for inflated bills are being made by bearer cheques.

“These payments are withdrawn from the bank account by the assessee’s own persons. Such amounts are being quantified.”

“There are sundry bogus creditors for unpaid labour of about Rs 15 crore,” it mentioned.

Documents displaying inflation of bills of about Rs 15 crore in one other group have been discovered, it mentioned.

This group has made investments in properties in Bihar, Odisha, and Madhya Pradesh.

In one other case, proof of funds made for bogus purchases by way of cheques however obtained again in money has been seized, it mentioned.

“The cash generated has been invested in purchasing properties and construction of a commercial building. Evidence of such concealment of income of about Rs 10 crore, using this modus operandi, has been found,” it mentioned.

In the survey operation, evidences of unaccounted money entries, unaccounted gross sales and purchases have been discovered totalling to over Rs eight crore, the Board mentioned.

“In addition, sales and purchases of stone etc have been found to be not recorded in the books of accounts,” the CBDT mentioned.

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