NE NEWS SERVICE
NEW DELHI, SEP 2
The Income Tax (I-T) department has detected tax evasion worth crores of rupees after it raided a synthetic yarns and polyester chips making company which has factories in Dadra and Nagar Haveli and Dahej in Gujarat, the CBDT claimed on Thursday.
The searches were launched on Wednesday and are “still continuing”, it said.
“The group has routed its own unaccounted funds to the tune of Rs 380 crore in its books in the form of bogus un-secured loans, through paper entities, over the past few years.”
“Besides, an amount of Rs 40 crore has also been introduced in its books through shell entities in the form of share premium,” the Central Board of Direct Taxes (CBDT) claimed in a statement.
It added that the directors and the auditors of the shell entities “admitted” in their statements given to tax authorities that these entities were essentially used to provide accommodation or bogus entries.
“Substantial evidence of cash purchase and documents revealing movement of cash through ”angadias” has been recovered and evidence of booking bogus purchases of Rs 154 crore has also been detected,” it claimed.
It said tax officials found “incriminating documents, loose sheets, digital evidences etc.” during the raids.
These indicate the “involvement of the group in unaccounted transactions.”
“Substantial evidence of transactions outside the regular books of accounts, cash purchases, suppression of sales and booking of sales to bogus parties have also been found,” it claimed.
Some “unaccounted” jewellery was also found, and 11 lockers have been put under restraint during the operation, it said.
