I-T dept detects Rs 224-cr black income after raids on Maharashtra-based start-up group
New Delhi(PTI): The Income Tax department has detected undisclosed income of about Rs 224 crore after it recently raided a unicorn start-up group based in Pune and Thane in Maharashtra, the CBDT said on Sunday.
The searches were carried out on March 9 at 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh.
The group is engaged in wholesale and retail of construction materials and has a pan-India presence with an annual turnover exceeding Rs 6,000 crore, the Central Board of Direct Taxes, the policy-making body for the tax department, said in a statement.
Unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized till now, it said.
The statement said it was found that the group has booked bogus purchases, made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs 400 crore.
"These evidences were confronted to the directors of the group, who admitted under oath this modus operandi, disclosed additional income of more than Rs 224 crore in various assessment years, and consequently offered to pay their due tax liability," the CBDT claimed.
It was found that the group obtained huge foreign funding via the Mauritius route, by issuing shares at an "exorbitantly" high premium.
A "complex" hawala network of some Mumbai and Thane-based shell companies, was also unearthed, the CBDT said.
"These shell companies exist on paper and were created only for the purpose of providing accommodation (bogus) entries. Preliminary analysis has revealed that the total quantum of accommodation entries provided by these shell entities exceeds Rs 1,500 crore," it said.
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Karnataka Guv to halve convoy size following PM Modi's austerity call
Bengaluru (PTI): Karnataka Governor Thaawarchand Gehlot on Thursday reduced the size of his official convoy to the minimum required strength following Prime Minister Narendra Modi's austerity call.
In a post on 'X', the Lok Bhavan said Gehlot had taken the step in response to the Prime Minister's appeal for fuel conservation and reduction in foreign exchange expenditure amid the West Asia crisis.
"Hon'ble Governor of Karnataka Shri Thaawarchand Gehlot has reduced his convoy to the minimum required strength, following Hon'ble Prime Minister Shri Narendra Modi Ji's appeal," the post said.
The move comes days after Modi, while addressing a rally organised by the BJP in Hyderabad, called for several measures aimed at conserving foreign exchange and reducing dependence on imports amid tensions in West Asia.
The Prime Minister had urged citizens to reduce petrol and diesel consumption, use metro rail services in cities, adopt carpooling, increase the use of electric vehicles and utilise railway services for parcel transportation. He had also suggested working from home wherever possible to conserve fuel and foreign exchange.
Modi further appealed to people to postpone the purchase of gold and foreign travel for one year, reduce edible oil consumption, lower dependence on chemical fertilisers and promote natural farming and swadeshi products to strengthen self-reliance and conserve foreign exchange.
