Income Tax Department Archives

IT Department raids premises of packaging company Uflex for 72 hours, bogus transactions worth Rs 715 crore

The Income Tax Department searched the Uflex Company’s offices for more than 72 hours. In the documents, irregularities in transactions totaling roughly 715 crores have been discovered. Apart from that, 40 shell firms were used to conduct transactions totaling roughly Rs 635 crore.

#IncomeTax department raids on premises of packaging company #Uflex continued for fifth day on Saturday during which an amount of Rs 3 crore was seized.

Bogus transactions worth Rs 715 crore have been found. Besides, Rs 635 crore transactions were carried out by shell companies. pic.twitter.com/WJukEOuB9c
— IANS (@ians_india) February 25, 2023

Three locations and three crores of rupees have so far been seized. There have been 140 interrogations. The majority of them work for the business. In the country, the search has been finished in around 38 locations. 28 locations, including Delhi-NCR, are currently conducting searches. This involves more than 100 teams.

BBC India office is alleged to have not paid tax during an IT survey

On the night of February 16, the BBC IT Survey, a three-day survey of the Income Tax Department, came to an end. After that, today the Income Tax Agency released information regarding this three-day survey.

BBC India survey indicated tax evasion on certain remittances, discrepancies in transfer pricing: Govt

Read @ANI Story | https://t.co/t6VwpiDkYI #BBC #BBCIndia #IncomeTax #bbcsurvey pic.twitter.com/bITkRkdWiI
— ANI Digital (@ani_digital) February 17, 2023

The I-T teams found a number of errors and anomalies in the transfer price documentation, according to the Central Board of Direct Taxes (CBDT). In keeping with its Indian operations, the BBC does not disclose its income or profits.

Income Tax Department raids BBC’s Delhi office on Tuesday morning, phones of employees seized

According to reports, the (BBC) British Broadcasters Corporation’s Delhi office was raided by the Income Tax Department. The BBC office has reportedly been locked off, and all employees’ phones have been seized.

Income Tax department is conducting survey at the BBC office in Delhi: Sources pic.twitter.com/vqBNUUiHTD
— ANI (@ANI) February 14, 2023

On Tuesday morning, the Income Tax Department searched the BBC headquarters in Delhi. The Income Tax Department team is still in the office, according to information from the sources.

BBC’s Indian office on KG Marg Road is currently being raided, according to sources. The employees have also been told to leave for home. The incident has also been reported to the BBC’s London headquarters.

Income Tax department surveys the BBC office in Delhi, as per sources.

The BBC office is located on KG Marg. pic.twitter.com/8v6Wnp75JU
— ANI (@ANI) February 14, 2023

Income tax raid on businessmen and establishments of Saharanpur, action going on for 48 hours

On Saturday, income tax raids on the homes and businesses of numerous influential Saharanpur businessmen proceeded for the third day running. Since November 24, the Income Tax raids have caused a stir throughout the entire city.

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Let us inform you that on November 24, at around 6 am, Income Tax officers searched various places owned by numerous local merchants in more than a dozen vehicles. The city’s businessmen are in a panic as a result of the Income Tax Department’s raid. Numerous businessmen that are being raided also trade in real estate.

The Income Tax Department unit searched a church compound home and a jeweler’s store on Court Road. The team then continued their investigation of the Court Road store until late at night. Jewelers also deal in real estate. The crew also conducted a raid on a city honey trader’s home. The Ahmedabad home of a CA has also been searched by the income tax team. The squad also raided a hardware store in addition to these targets.

Action going on for 48 hours

In addition to the officers from Ghaziabad, the information collected indicates that the raiding force also included officers from Delhi and Kanpur. The crew is interrogating each trader. At all locations, the Income Tax Department’s operations continued until late in the day. Although the team’s participating Income Tax officials have been reticent to divulge any information. The same raid went on until late on November 25, the second day, and all of the officers stayed the entire night in the homes of these merchants.

Let us inform you that the city is experiencing a heated conversation climate as a result of the nonstop activity that has been occurring for the past 48 hours.

Income tax raid on the premises of State Home Minister Rajendra Yadav in Jaipur, raided 50 places simultaneously

IT Raid in Rajasthan: Rajendra Yadav, a minister of state for the home, and his family have been the subject of a raid by the income tax department in Rajasthan. In Jaipur, extensive raids have been carried out. The raiding activities only began this morning.

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According to reports, 50 locations were raided at once. The CRPF members who participated in the raid have been enlisted by the Income Tax Department as well. There are reportedly about 300 police officers participating in the proceedings. A minister who is regarded to be close to CM Ashok Gehlot is Rajendra Yadav.

The Income Tax department conducted search operations at premises of serving #Rajasthan’s minister of state for home and higher education, #RajendraYadav

(Reports @sachinsaini14)https://t.co/lCaVvVMGbV
— Hindustan Times (@htTweets) September 7, 2022

Raid on Minister Rajendra Yadav’s residence

Raids are also underway in Jaipur at the residences and offices of Minister of State for Home Rajendra Yadav. Other businessmen have been roused by the Income Tax Department’s operations. According to reports, the Minister of State and his family members have the income tax key hidden in more than 53 locations. The Income Tax squad has been conducting raids since Wednesday at about 5:00 am. Along with the team, a sizable number of police officers and CRPF members are present. Additionally, about 100 trucks were utilized in the operation.

Midday meal supply-related matter

The issue relates to the disruption of the mid-day meal supply. After the IT raid, a sizable amount of black money is anticipated to be revealed. Early in the morning, teams from the Income Tax Department arrived at the homes, workplaces, and other locations of business organizations connected to the minister and his kin. The Minister of State’s house is also being searched. Rajendra Yadav, Rajasthan’s Minister of State for Home, is said to have relatives and relations working at the mid-day meal bag plant that is being raided in Kotputli.

IT raids at Hero MotoCorp Chairman Pawan Munjal’s office

Hero MotoCorp Chairman and MD Pawan Munjal are under income tax raid at his house and office. Pawan Munjal’s Gurgaon home and office are currently under search by the Income Tax Department.

He is accused of claiming bogus expenses on his accounts. There have been reports that some of the suspicious expenses received by the IT team are also being paid for by in-house companies. This raid is expected to continue even further. As of yet, Hero MotoCorp and the IT department haven’t announced anything.

In reaction to this news, Hero MotoCorp’s shares began to fall. Before news of the raids was released, Hero MotoCorp was trading in profit. Once it caught on, the stock lost all momentum. About 10:30 am, Hero MotoCorp’s stock had fallen by about 2 percent.

The Hero MotoCorp company is the world’s largest manufacturer of two-wheelers. With offices in over 40 countries, the company produces bikes for a variety of markets. Heroes Motocorp is also present in countries such as Asia, Africa, and America. The power of Hero MotoCorp in the Indian two-wheeler market can be seen in some statistics. Hero MotoCorp is the company that sells 50 percent of all two-wheelers in India.

Kanpur IT Raid: Income Tax raid on 100-year-old Kedarnath Shri Krishna Jewellers, the officials were also surprised

Kanpur News: An Income Tax Department (IT Department) raid was conducted on Sunday in Chowk Sarafa, Kanpur, Uttar Pradesh, at four establishments of Kedarnath Sri Krishna Jewelers and KS Bullion, a century-old company. The raids are now complete. According to information received, three teams of the Income Tax Department completed their investigations on Sunday night and one team completed its investigation on Monday evening. In this period, undisclosed silver worth Rs 8.5 crore was seized. A total of Rs 16 lakh in undisclosed cash was also seized. In addition, lockers were confiscated as well.

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The investigation involving Bobby Agarwal and Sanjay Agarwal, the owner and CA of the firm, had been completed by Monday night. The raid resulted in the seizure of silver worth Rs 8.5 crore that was previously undisclosed. It is ingots and utensils that are recovered among the 1500 kg of silver. In these raids, papers of various properties were also found, but most of them were very old.

No purchase register, no sale register, no stock register, no maintenance register was found during the investigation. When income tax officers discovered the entire bookkeeping was 50 years old, they were surprised. The Income Tax Department is studying how today’s firm’s account is maintained using cash by a bookkeeper in the time of the International Accounting System.

Shri Krishna Jewelers’ owner Kedarnath is a Chartered Accountant. The KS brand is one of the three most popular brands in the state, and you can find KS products in stores under the brand name. Internationally, they are also in high demand for their silver items. Income tax officers are also surprised that such large businesses account for their finances using the old accounting methods of Baba Adam.

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Income Tax Department raid on the location of Xiaomi, OnePlus and Oppo in India

These Chinese mobile phone companies include Xiaomi, OnePlus, and Oppo. Their locations and related entities were raided across the country by the Income Tax Department on Wednesday.

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Many states of the country have conducted raids against entities affiliated with Chinese mobile phone companies, including Delhi-NCR. Tax evasion is accused of them.

Searches are underway for Xiaomi, Oppo, and OnePlus in 15 places, including Delhi-NCR, Karnataka. Intelligence inputs regarding illegal income and tax evasion are used as the basis for the search operation.

Reports indicate that raids are still being conducted at the offices, warehouses, and distribution partners of Chinese mobile companies. A lot of information about it has not yet been revealed. Earlier this year, the ZTE bases in China were also raided. Tax evasion was also brought to the attention of the Income Tax Department during this time.

Additionally, a Chinese firm doing business with mobile phones, loans, and transportation was also raided last week. Investigative agencies carried out this raid.

Around 11 am, the Income Tax team arrived in Greater Noida, shortly after Oppo opened its Greater Noida office the morning. Outside the office, there are numerous police forces. As of now, no one can leave the office.

The team examines the documents in front of company officials. According to sources, the Income Tax Department recently received allegations that Oppo Company engages in tax evasion and hires locals.