Quick Summary
The Income Tax Department carried out search and seizure operations in the case of three major contractors based out of Bengaluru engaged in the execution of irrigation and highway projects. The searches commenced on 07.10.2021 have been carried out at 47 premises spread across 4 states. During the search action, it was found that these three groups were involved in suppression of their income by resorting to bogus purchases; inflation of labour expenses; booking of bogus sub-contract expense
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FAQ :
The Income Tax Department carried out search and seizure operations against three major contractors based in Bengaluru who are involved in irrigation and highway projects.
The operations commenced on 07.10.2021 and were carried out at 47 premises spread across 4 states.
The contractors were found to be suppressing income through bogus purchases, inflation of labour expenses, and booking bogus sub-contract expenses.
The search and seizure actions resulted in the detection of undisclosed income of about £750 crore. Of this, £487 crore has been admitted by the entities.
During the search, unaccounted cash of £4.69 crore, unaccounted jewellery & bullion valued at £8.67 crore, and silver articles valued at £29.83 lakh were seized.
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