income tax: I-T detects Rs 2K-cr unaccounted income

Economy


New Delhi: Search and seizure operations undertaken by the Income Tax department across premises of three prominent infrastructure groups based in Andhra Pradesh and Telangana, has led to detection of unaccounted income of over Rs 2,000 crore.

The Central Board of Direct Taxes (CBDT) said in a statement Thursday, that search and seizure operations were carried out on February 6, across 40 premises in Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune.

Investigations have led to busting of a major racket of cash generation through bogus subcontractors, over-invoicing and bogus billing. The department did not name the companies or groups involved.

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“Preliminary estimates suggest siphoning of more than Rs 2,000 crore through transactions that were layered through multiple entities with the last in the chain being small entities with turnover less than Rs 2 crore to avoid maintenance of books of accounts and tax audits,” the department said.



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