INDIA
According to officials, the raids were carried out on November 27 at 16 premises located in Chennai, Mumbai, Hyderabad and Cuddalore.
The Income Tax department conducted searches at the premises of the former director of an Information Technology Special Economic Zone (IT SEZ) developer and unearthed unaccounted assets worth about Rs 100 crore accumulated by him and his family members in the past three years, officials said on Sunday.
According to officials, the raids were carried out on November 27 in the case of an IT SEZ developer, its former director and a prominent stainless-steel supplier at 16 premises located in Chennai, Mumbai, Hyderabad and Cuddalore.
"The evidence unearthed include unaccounted assets worth about Rs 100 crores accumulated by the former director and his family members in the past three years. The search further unearthed that the IT SEZ developer claimed bogus work-in-progress expenses of about Rs 160 crores in an under-construction project," the Ministry of Finance said in a statement.
It said that the entity had also claimed capital expenses of around Rs 30 crore on account of bogus consultancy fees in an operational project and inadmissible interest expenses to the extent of Rs 20 crore was also claimed by the entity.
It added that the searches so far have resulted in the detection of undisclosed income of more than Rs 450 crore.
"The search further revealed certain share purchase transactions relating to the IT SEZ developer. The shares of this entity were sold by its erstwhile shareholders, a resident and a non-resident entity, which routed its investment through a Mauritius intermediary, for about Rs 2,300 crore in FY 2017-18 but capital gains out of this sale transaction were not disclosed to the department," the statement said.
"The investigation is in progress to determine the undisclosed capital gains in the hands of both the shareholders. Other land transactions involving cash payments and an issue relating to Compulsory Convertible Debentures are also under examination," it added.
The statement said that the evidence found in the premises of the stainless-steel supplier revealed that the supplier group has been conducting three sets of sales -- accounted, unaccounted and partly-accounted.
"The unaccounted and partly-accounted sales amount to more than 25% of the total sales each year. Further, the assessee group has provided sales accommodation bills to various customers and received commissions of more than 10% on these transactions," it said.
The Ministry, in its statement, said that while the quantification of unaccounted income is being carried out currently, it is estimated to be around Rs 100 crore.
"The related concerns of the assessee group are involved in financing, money lending and real estate development. The unaccounted transactions conducted by these entities and the unaccounted capital/loan infusion in these entities are estimated to be around Rs 50 crores," the statement further said.
Meet CEO of one of world's biggest IT firms, who will undergo treatment for breast cancer
No bank holiday on Eid al-Fitr this year? Know reason behind this
Indian doctor claims THIS about paneer, milk, prompts debate on social media, netizens say...
Every home of THIS town owns a private jet, has unique street names, it is located in...
'Delight to meet Elon Musk's family...': PM Modi after call-on by Tesla CEO accompanied by his kids
Meet IAS officer, who cleared UPSC exam after getting inspired by Virat Kohli, her AIR was...
Happy Valentine's Day 2025: Wishes, WhatsApp messages, images, quotes to share with your partner
DNA TV Show: World Records in Mahakumbh 2025
Vidya Balan enjoys Sanam Teri Kasam in theatre, pens special note for team: 'Mawra aap kamaal ho'
Meet woman who owns Delhi's most expensive home worth Rs..., not Nita Ambani, Priti Adani
Samay Raina to perform in Mumbai on March 27 amid India's Got Latent controversy
Little girl's adorable dance to 'Khadke Glassy' wins hearts online, WATCH viral video
'Whole India in one coach’: Viral video shows chaos in first-class train to Mahakumbh, WATCH
Chhaava Movie Review: A groundbreaking epic that redefines the blockbuster experience
Gautam Adani pulls out of BIG Rs 8684 crore power project in THIS country due to...
Group of musicians perform iconic theme of 'Tom & Jerry' but here's a twist! WATCH viral video
ICC punishes Shaheen Afridi, two Pakistan stars for doing THIS vs South Africa
President's Rule imposed in Manipur days after N Biren Singh resigns as CM
Ramadan 2025: When will the holy month of Muslims begin in India? Know all details
Good news for India's richest banker, RBI lifts ban on his Rs 392000 crore company, allows it to...
WPL 2025 Opening Ceremony: Performers list, date, time, venue, live streaming - All you need to know
Meet man, aka coolest grandpa, who still works as actor and model at 89, he is from...
Meet IAS officer, who cracked UPSC exam in 2009, now promoted to key post in GOI as...
Honda, Nissan call off Rs 521825 crore merger, the reason is…
Valentine's Day 2025: Why do we celebrate this day? Know here
Ne Zha 2: Everything you need to know about the Chinese animated blockbuster
How I Can Make Your Child into an Ivy Leaguer: A Parent’s Guide to Success with Caroline Linger
Meet China’s newest billionaire, who runs bubble tea business, his net worth is Rs...
Top Government Schemes for Farmers, Artisans, and Students You Should Not Miss!
Why did RCB chose Rajat Patidar as captain over Virat Kohli? Team director Mo Bobat explains
Valentine’s Day 2025: Perfect last-minute gifts ideas for your partner
Man who saved Rishabh Pant's life in 2022 car accident, attempts suicide with girlfriend, she dies
FASTag New rule: All you need to know to avoid extra charges from February 17
Throwback: How did Rohit Sharma propose to Ritika Sajdeh? WATCH viral video
Did Ram Charan unfollow Allu Arjun after his father took a dig at Game Changer? Here's what we know
Who Are The Top 5 Most Influential Astrologers In India In 2025?
Delhi-NCR schools holiday: Are Delhi, Gurugram, Noida schools closed on Feb 14? Check here
THESE cricketers unfollowed Ranveer Allahbadia on social media amid India's Got Latent controversy?
‘Broke in 50 days’: Accenture employee-investor loses Rs 8 lakh in a day, his net worth is Rs…
Microsoft inaugurates new campus in THIS Indian city, plans to hire...
Shah Rukh Khan once bought laptop for Aamir Khan but he did not open it for...years because...
New Income Tax Bill 2025: FM Nirmala Sitharaman tables the new income tax bill in Lok Sabha
Emirates flight attendant's BTS video sparks firing rumours, airline responds, see post here
Anupam Mittal asks Namita Thapar to quit Shark Tank India because...: 'If you're...'
Meet comedian who was slapped, kicked out of film set by...; his net worth is now...
Top 3 iconic cricket rivalries
Couple recreates dance with same friend squad for sangeet after 10 years, watch viral video