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Income Tax Department conducts search operations in Maharashtra, Gujarat and Delhi on certain Indian companies and their associate concerns, controlled by a neighbouring country The Income Tax Department has carried out search and seizure operations on certain Indian companies and their associate concerns, controlled by a neighboring country on16.11.2021. These companies are engaged in the business of chemicals, ball bearings, machinery parts, and Injection moulding machinery. The search acti
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FAQ :
The Income Tax Department seized unaccounted cash of about Rs 66 lakh during the search operations.
The search operations covered premises in Maharashtra, Gujarat (Mumbai, Ahmedabad, and Gandhidham), and Delhi.
The targeted companies were engaged in the business of chemicals, ball bearings, machinery parts, and injection moulding machinery.
An estimated amount of Rs 20 crore was transferred to a neighbouring country in the last two years through a network of shell companies.
Bank accounts of some of the companies, with aggregate bank balances of about Rs 28 crore, have been put under restraint.
The companies engaged in tax evasion through manipulation of books of accounts, using shell companies for fund transfers, and taking non-genuine purchase bills to reduce tax liability.
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