Quick Summary
The Income Tax Department carried out a search and seizure operation on 11.11.2021 on a group at Pune which is engaged in manufacturing of heavy machinery like excavators, cranes, concrete machinery which are used in mining, piling and port, etc. Search operation has covered around 25 locations across 7 cities in India. During the course of the search, several incriminating documents and materials in the form of electronic data have been found and seized. Analysis of this evidence shows that
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FAQ :
The Income Tax Department conducted searches in Pune, and across various locations in Andhra Pradesh and Telangana, including Visakhapatnam, Hyderabad, Vizianagaram, and Srikakulam.
The searches in Pune targeted a group engaged in the manufacturing of heavy machinery, such as excavators, cranes, and concrete machinery used in mining, piling, and port operations.
Malpractices included suppressing profits by artificially lowering sales, bogus expense claims, non-genuine claims for services, non-verifiable commission expenses, wrongful deferment of revenue, and incorrect depreciation claims.
During the operations, unaccounted cash and jewellery worth Rs 1 crore were seized in Pune, and unaccounted cash of Rs 1.20 crore and jewellery valued at Rs 90 lakh were seized in Andhra Pradesh and Telangana. Bank lockers were also restrained or placed under prohibitory orders.
The search action in Pune led to the detection of total unaccounted income exceeding Rs 200 crore, with the assessee group admitting to Rs 120 crore so far. The operations in Andhra Pradesh and Telangana resulted in the detection of about Rs 75 crore in undisclosed income.
The groups targeted in Visakhapatnam, Hyderabad, Vizianagaram, and Srikakulam were mainly involved in the real estate business, including the development of residential plots and construction of apartments.
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