Home Audit & Assurance Income Tax Officials raided 4 Builders of Nodia; Unaccounted Cash worth Rs.1,500 crore recovered

Income Tax Officials raided 4 Builders of Nodia; Unaccounted Cash worth Rs.1,500 crore recovered

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Income Tax Officials raided 4 Builders of Nodia; Unaccounted Cash worth Rs.1,500 crore recovered

Earnings Tax Officers raided 4 Builders of Nodia; Unaccounted Money price Rs.1,500 crore recovered

The Earnings tax division shaped 40 groups of as much as 250 officers to undertake searches at areas related to 4 Noida-based building companies, together with Bhutani Infra, Group 108, Introduction and Logix, on tax fraud prices.

After finishing up a 6-day search in any respect areas related to the businesses, Earnings Tax officers found unaccounted money price greater than Rs. 1,500 crore.

The Division termed the operation ‘Mahakal’, which focused 4 companies that have been evading taxes by promoting industrial premises. The Earnings Tax officers additionally raided two dealer firms.

Officers discovered two pen drives hidden by Bhutani Group staff, every containing details about the organisation receiving a big sum of cash.

The group obtained money of Rs. 429 crore throughout the monetary years 2019-20, 2020-21, and 2021-22. Information acquired from the pen drives revealed that the Bhutani Group accepted an unaccounted money quantity of Rs. 595 crore from the monetary 12 months 2019-20 to the current.

Moreover, officers taped feedback from staff of the Bhutani group. Of their statements, the important thing folks admitted to accumulating money funds in group transactions. The enterprise supplied ‘Assured Money Return’ and ‘Brokerage in Money’ to its traders and brokers.

The complete tax evasion operation hinged across the Assured Money Return programme. The interesting commercial assured traders month-to-month funds in the direction of the acquisition of area, guaranteeing a big return till possession.

The scheme was used for tax evasion, as disclosed by the agreements. In line with the Securities and Alternate Board of India (SEBI) norms, the scheme is authorized, however traders ought to keep away from it to keep away from authorized penalties.

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