Quick Summary
The Income Tax Department carried out a search and seizure operation on 18.09.2021 on a leading business house of India involved in manufacture of textile and filament yarn having corporate offices in Delhi, Punjab and Kolkata. During the course of the search operation, many incriminating documents, loose sheets, diaries, digital evidences etc have been recovered which indicate involvement of the group in routing of unaccounted funds back in its Indian entities, possession of foreign bank acc
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FAQ :
The Income Tax Department carried out the search and seizure operation on 18.09.2021.
The business group is involved in the manufacture of textile and filament yarn.
The corporate offices searched were located in Delhi, Punjab, and Kolkata.
Incriminating documents, loose sheets, diaries, and digital evidence were recovered, indicating the routing of unaccounted funds, possession of unreported foreign bank accounts, off-the-books transactions, and bogus expenses.
The group maintained unaccounted funds of approximately Rs. 350 crore in its foreign bank accounts.
No, the group failed to disclose foreign assets owned or managed in the form of companies and bank accounts in its Income Tax Returns.
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