Quick Summary
The Income Tax Department carried out a search and seizure operation on01.09.2021 on a manufacturer and distributor of synthetic yarns and polyester chips having corporate office in Delhi and factories at Dadra Nagar Haveli and Dahej. During the course of the search, many incriminating documents
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FAQ :
The company is a manufacturer and distributor of synthetic yarns and polyester chips.
Searches were conducted at the company's corporate office in Delhi and its factories in Dadra & Nagar Haveli and Dahej.
Incriminating documents, loose sheets, digital evidence, evidence of transactions outside regular books, cash purchases, suppressed sales, bogus sales to fake parties, and unaccounted jewellery were found. 11 lockers have also been restrained.
The group routed its own unaccounted funds of Rs. 380 crore as bogus unsecured loans and introduced Rs. 40 crore through shell entities as share premium.
They admitted that these entities were essentially used to provide accommodation entries.
No, the search operation is still continuing and further investigations are in progress.
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