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Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes New Delhi, 16th December, 2020 Income Tax Department conducts searches in Chandigarh The Income Tax Department carried out search and seizure operations on 13.12.2020 in the case of a Chandigarh bas
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FAQ :
The Income Tax Department conducted search and seizure operations on 13th December 2020, covering 11 premises in Chandigarh, Delhi, and Mumbai.
The primary allegation was that the company had purchased 117 acres of Benami land in Indore using a conduit company.
Ample evidence was seized, establishing the Benami company as a conduit with no real business activity. Statements from dummy directors confirmed it was a shell company. An 'agreement to sell' for the Benami land and a cash receipt of Rs. 6 crore were also found.
Cash amounting to Rs. 4.29 crore and jewellery worth Rs. 2.21 crore have been seized so far. Three lockers have also been put under restraint.
Yes, investigations also revealed that the Managing Director claimed wrongful interest expense of Rs. 2.33 crore by showing his self-occupied property as rented to his sons.
Further investigations are in progress regarding the holding of Benami shares worth Rs. 140 crore by the Managing Director's HUF and bogus purchases.
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