Quick Summary
The Income Tax Department initiated search and seizure operations on two major business groups of Indore on25.11.2021. The first group is engaged in the business of mining, media and providing cable TV services and the second group is running a coaching academy. The search action has covered more than70 premisesin Madhya Pradesh and5 other states. During the course of search action, various incriminating documentary and digital evidence including parallel set of financial records of some of t
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FAQ :
The Income Tax Department initiated search and seizure operations on 25.11.2021.
The operations targeted two major business groups in Indore: one involved in mining, media, and cable TV services, and the other running a coaching academy.
The search action covered more than 70 premises in Madhya Pradesh and 5 other states.
Incriminating documentary and digital evidence was seized, including parallel financial records, evidence of suppressed sales, bogus unsecured loans, suspected benami transactions, and unaccounted cash.
The coaching group is suspected of suppressing cash receipts from students exceeding Rs. 25 crore and unaccounted cash from royalty and profit share income.
Unaccounted cash exceeding Rs. 10 crore was identified, and Rs. 2 crore in unaccounted cash was seized.
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