Quick Summary
The Income Tax Department carried out search and seizure operations in the cases of two groups based in Punjab. The search action in case of the first group was initiated on 21.10.2021. This group is engaged in Cycle business. The group has been found to be involved in suppression of income by showing bogus intra-group transactions within group concerns. The group was also found to have been involved in receiving a substantial part of sale consideration in cash and thereby suppressing the tur
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FAQ :
The Income Tax Department searched two groups: one involved in the cycle business and another providing immigration and study visa-related services.
The search action led to the detection of approximately Rs 150 crore in unaccounted income for the cycle business group.
The group was found to be suppressing income by Rs 90 crore annually through bogus intra-group transactions and receiving substantial sale consideration in cash.
The total unaccounted income detected across both groups amounts to approximately Rs 190 crore (Rs 150 crore from the cycle group and Rs 40 crore from the visa services group).
The immigration and study visa group charged large packages per student, received most of the aggregate receipts (over Rs 200 crore in 5 years) in cash, used employee bank accounts for transactions, and did not disclose the profits earned, only showing commission from foreign universities.
During the searches, unaccounted cash of Rs 2.25 crore and gold worth Rs 2 crore were seized from the cycle business group. Unaccounted cash of Rs 20 lakh and jewellery worth Rs 33 lakh were seized from the immigration and study visa services group.
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