Quick Summary
The Income Tax Department conducted search and seizure operations on 08.09.2021 on three prominent Commission agent groups based in Punjab, covering many premises across Punjab Haryana. These groups are also engaged in the business of running Steel Rolling Mill, cold storage, General Mills, Jewellery shop, Poultries, Rice Mills, Oil Mill, Flour Mill apart from the business of Commission Agents. The search action revealed that these Groups are suppressing their business receipts and inflating
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FAQ :
The Income Tax Department targeted three prominent commission agent groups who were also engaged in businesses such as steel rolling mills, cold storage, general mills, jewellery shops, poultries, rice mills, oil mills, and flour mills.
The main findings include suppression of business receipts, inflation of expenses, unrecorded cash transactions, unaccounted advances to farmers, and discrepancies in stock and property investments.
Yes, unaccounted cash aggregating to Rs.1.70 crore, unexplained jewellery valued at Rs.1.50 crore, and unexplained stock of flour valued at Rs.1.50 crore were found. Unaccounted investment in immovable property amounting to Rs.3.40 crore was also detected.
Evidence included account books in Laddo script showing substantial unaccounted transactions, parallel sets of books of accounts, cash advances to farmers with high interest rates, and payments made in violation of Section 40A(3) of the Income-tax Act.
Yes, two suspected benami firms in the names of employees, with turnovers in crores per year, were unearthed.
Yes, the search operation is still continuing, and further investigations are in progress.
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