Quick Summary
Income Tax Department initiated search and seizure operations in the case of a group, engaged in the manufacturing of wires and cables and other electrical items on 22.12.2023. Some of the authorised distributors of the group were also covered in the search. The search action was conducted at more than 50 premises located in Mumbai, Pune, Aurangabad, Nasik, Daman, Halol and Delhi. During the course of the search operation, a large number of incriminating evidences in the form of documents an
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FAQ :
The investigation targets a group engaged in the manufacturing of wires, cables, and other electrical items.
The search operations were conducted at over 50 premises in Mumbai, Pune, Aurangabad, Nasik, Daman, Halol, and Delhi.
Incriminating documents and digital data suggest unaccounted cash sales of around £1,000 crore, unaccounted cash payments for purchases exceeding £400 crore, and non-genuine expenses totalling about £100 crore.
Over £4 crore in unaccounted cash was seized, and more than 25 bank lockers have been placed under restraint.
Yes, some authorised distributors of the group were also covered in the search, and evidence suggests they connived with the group in tax evasion schemes.
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