Rs 70-cr black income detected after IT raids on K’taka civil construction group: CBDT
PTI, Nov 3, 2021, 12:37 PM IST
New Delhi: The Income Tax Department has detected unaccounted income of more than Rs 70 crore after it recently raided a leading civil construction group of Karnataka, the CBDT said on Wednesday.
The searches were carried out on October 28 at multiple locations in north Karnataka.
”The search action has led to detection of unaccounted income of more than Rs 70 crore which has been admitted as undisclosed income by the assessee group,” the CBDT claimed in a statement.
The Central Board of Direct Taxes (CBDT) is the policy-making body for the tax department.
It said the group has been ”suppressing” its profits by booking ”bogus” expenses in purchase of materials, labour expenses and payment to sub-contractors.
Analysis of seized data shows that ”unaccounted cash has been received by the key group person from such vendors/suppliers of materials.” ”It was also found that their own relatives, friends and employees were used as conduits in the name of sub-contractors who neither executed any work nor did they have the capability/capacity to execute the work,” the CBDT said.
The assessee group has been generating ”unaccounted” cash from these transactions, the statement said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Lone tusker spotted on NH-166 near Karkala, disrupts traffic
Lokayukta police summon Karnataka CM Siddaramaiah for questioning in MUDA case on Wednesday
Man dies after sitting on bursting firecracker box in Bengaluru on Deepavali
Clean-up Drive Conducted at Chitrapura Beach
Bantwal: Theft at ancient Sri Devaki Krishna Ravalnath Temple; Goods worth lakhs stolen
MUST WATCH
Latest Additions
Balasore tragedy result of composite negligence of railway officials: Orissa High Court
Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN
Three convicted for 2016 Kollam collectorate blast case
Expect Canadian government to ensure justice, uphold rule of law: PM Modi
Group clash in Indore after argument over bursting firecrackers: NSA slapped against 2 accused
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.