IT Dept Starts Investigation in Uttar Pradesh & Tamil Nadu

On 28/10/2020 income tax investigation has started investigating a real estate business located in Bijnor. They have alleged with huge security premiums along with high liabilities of loan and advances have taken from his concerned parties and others, indeed they have taken advance loans from others. The shown sales reports were not relevant to the loans and advances.

In the research more than Rs 50 lakh and jewellery of weight 2.5 kg was revealed which has not been mentioned anywhere. The accused concerning share premium is revealed to be correct during the examination. These premiums do not match with the income of shareholders to which the source cannot be revealed.

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It is seen that more than 20 companies are running from one campus and out of that several companies are fake ones and do not involve in any operations revealed in the investigation. The companies share premium have shown higher while the same companies do not own this much worth. The fake companies are used to take heavy funds as these dummy companies will help in laying the funds.

From the group members, there is one who stakes financial interest in a UK based company along with one property in London as it is found that investments are made in the company as the sources are investigating. Other than it inculpating credentials concerning the investigations in several properties are being discovered from various vicinity and the similar to that shall be examined. The group who have invested in the properties are verified. In the examination, handwritten papers contexting to specific payments have also revealed. Moreover, 6 bank lockers had also been caught, examinations for other things are going on.

Income Tax Dept Official Searches in Tamil Nadu

In Coimbatore, Erode, Chennai and Namakkal an income tax department All the unaccounted income and not paying up the taxes will not be fruitful from now onwards as the tax department has made it clear that it will be important has investigated at 22 vicinities on 28/10/2020 on a group who runs out the educational institutes and associations along with a civil contractor. The investigation was processed as per the details that the fees collected were not being accounted for properly in the conventional account.

In the examination process, it seems that the accusations in context to the fees collected are accurate and the receipts which are not in books of accounts are withdrawn to the individual accounts of the owners, which the same is invested in the real estate via the company. an architect from Tirupur and a textile businessman are found to be the stakeholder in the company. While the examination is in the process the electronic devices get caught which are being investigated.

Read Also: Search Operation Started in Delhi, NCR & Haryana by CBDT Officials The said advocate was suspected of obtaining substantial amounts of cash from his clients to settle their disputes. As per the notification, In this operation 38 campuses spread across Delhi, NCR and Haryana

bogus expenses under labour charges, material purchase, etc. have revealed to be in expenditure in the search investigations of the civil contractors from Namakkal,

Around Rs 5 crore cash and Rs 150 crores of investment is found which is not in the books of accounts have been sealed. Some lockers are still under to get examined. The search investigation program is yet in progress.