Quick Summary
The Income Tax Department conducted searches on 16.08.2021on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players in India. Searches were conducted at 5 premises, including the corporate office, residence of foreign director, residence of company secretary, accounts person and the cash handler of a foreign subsidiary company in India. The search revealed that the purchases of the assessee company were entirely from its hol
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1 Year PLAN
1999
(Excl. of GST ₹359)
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3499
(Excl. of GST ₹629)
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999
(Excl. of GST ₹179)
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FAQ :
The Income Tax Department conducted searches on 16th August 2021.
The company searched is engaged in the trading of telecom equipment and its installation and servicing.
The company appears to be booking huge losses through bogus expenses, despite significant gross profits on its trading activities.
Incriminating evidence, including WhatsApp chats, electronic data, and physical documents, was found, indicating illegal payments, undeclared income, and potential tax evasion.
The issue of tax liability of hundreds of crores has been identified so far.
Yes, unaccounted cash of more than Rs. 62 lakh was found at the premises.
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