Quick Summary
Income Tax Department carried out search and seizure operation on 18.02.2021 at 22 premises of a Betul based Soya products manufacturing group at Betul and Satna in M.P., Mumbai and Solapur in Maharashtra and Kolkata. During the course of the search operation, unexplained cash of over Rs. 8 crore and unexplained foreign currency of various countries amounting to more than Rs. 44 lakh have been seized. 9 bank lockers have also been found during the search. The group has introduced unaccount
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FAQ :
The Income Tax Department conducted search and seizure operations on 18.02.2021 at 22 premises of a Betul-based Soya products manufacturing group in Betul and Satna (MP), Mumbai and Solapur (Maharashtra), and Kolkata.
Over £8 crore in unexplained cash and more than £44 lakh in unexplained foreign currency were seized. Nine bank lockers were also found.
From the investigation so far, undisclosed income exceeding £450 crore has been detected.
The group introduced unaccounted income by introducing share capital at a huge premium from Kolkata-based shell companies and by introducing undisclosed income through the sale of paper investments in shell companies to other shell companies.
Yes, bogus losses to the tune of £52 crore were claimed by the group to suppress profits through intra-group out-of-exchange contract settlements.
Yes, the group claimed incorrect Long Term Capital Gains exemption of over £27 crore on the sale of shares of a group entity, where the purchase of these shares was not genuine.
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