Quick Summary
The Income Tax Department carried out search and seizure operations pan-India on 21.12.2021 in the case of certain foreign controlled Mobile Communication Mobile Hand-set Manufacturing Companies and their associated persons. Various premises in the states of Karnataka, Tamil Nadu, Assam, West Bengal, Andhra Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Bihar, Rajasthan, Delhi NCR have been covered in the action. The search action has revealed that two major companies have made remittance i
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FAQ :
The search and seizure operations were conducted pan-India on 21st December 2021.
The searches covered premises in Karnataka, Tamil Nadu, Assam, West Bengal, Andhra Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Bihar, Rajasthan, and Delhi & NCR.
Irregularities include royalty remittances abroad exceeding £5500 crore, questionable foreign fund introductions of about £5000 crore, inflation of expenses, and non-compliance with tax disclosure norms.
Penalties for non-disclosure of transactions with associated enterprises could exceed £1000 crore. There are also potential liabilities for tax deduction at source and taxes on company reserves.
Yes, survey actions were also conducted on certain fintech and software services companies suspected of inflating expenses and siphoning funds.
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