Income Tax Raid | Business Upturn

Income Tax raid in Odisha and Jharkhand results in ₹290 crore cash seizure

Dimple Gehlot — Sat, 09 Dec 2023 14:32:55 +0000

Income Tax officials, after conducting raids for two days in Odisha and Jharkhand, are believed to have uncovered approximately ₹290 crore in cash. This substantial cash discovery marks the “highest-ever” black money haul in a single operation by any agency.

The tax agency has brought in more department and bank workers, as well as deployed around 40 large and small machinery to aid in the counting process. Boudh Distillery Pvt Ltd and other entities were the targets of the searches.

In addition to searching the buildings owned by the liquor manufacturing company, the IT department also searched the offices of Dhiraj Prasad Sahu, the Congress MP for Jharkhand. Neither the Congress MP nor the distillery group have responded officially as of yet. The cash counting is anticipated to be completed by the end of Saturday. Tax officials are currently recording statements from company officials and other concerned parties.

The IT department had already confiscated another ₹250 crore in cash, bringing the total amount of unaccounted cash that has been taken to approximately ₹290 crore. The majority of the cash that was found was in ₹500 notes.

The amount of cash recovered from the IT raid is the largest confiscation ever carried out by any Indian agency. Authorities recovered about ₹230 crore in cash from 8–10 almirahs at one of the company’s locations in the Bolangir area alone. The remainder was taken from places in Ranchi, Sambalpur, and Titlagarh.

Based on actionable intelligence about large-scale “out of book” sales and financial remittances by booze wholesalers, merchants, and business organisations, the raids were started. PM Modi has reassured the public that the looted funds will be restored.

The Odisha unit of the BJP has called for a CBI probe regarding this matter and asked for clarification from the ruling BJD. BJP spokesperson Manoj Mohapatra highlighted the active support of local leaders and the state government in this alleged tax evasion, emphasising its impossibility without such backing.

Income tax raid at BBC offices day 2: Broadcaster issues fresh mail to employees

News Desk — Wed, 15 Feb 2023 07:24:21 +0000

The British Broadcasting Corporation (BBC) sent a new email to its employees today, requesting their cooperation while the income tax department conducted a “survey” at the BBC’s offices in Delhi and Mumbai for the second day in a row.
The BBC’s email stated: “All workers are expected to participate in the ongoing polls. All personnel should assist IT survey administrators and provide thorough responses to their inquiries.”

“When requested, workers may choose not to provide information about their own salary. They must respond to additional inquiries about pay, “It went on to say more. Only the broadcast department was to come to work; all other staff were to continue working from home.

What we are aware of thus far in the significant ongoing issue that has ignited a spirited political discussion

1) The income tax division is conducting a “survey” at the BBC offices in Mumbai and Delhi for the second day in a row.

2) According to media sources, today’s hearings are anticipated to include questions for BBC senior management.

3) This is being done as part of an inquiry into allegations of tax evasion against the British broadcaster in India in relation to allegations of tax evasion by the UK national broadcaster.

4) The tax authorities are conversing with BBC employees working in the finance and other areas.

5) On Tuesday night, a few further employees and journalists were let to depart.

6) “The BBC offices in New Delhi and Mumbai continue to be staffed by the Income Tax Authorities. While most employees have now left the premises, some have been asked to stay and are still helping with the investigations “Tuesday at 10:26 p.m., the BBC News Press Team published a statement on Twitter.

7) On Tuesday around 11:30 a.m., investigators arrived at the BBC and are still there, according to persons familiar with the situation who spoke to PTI.

8) This occurred shortly after the BBC aired “India: The Modi Question,” a two-part documentary about the prime minister and the riots in Gujarat in 2002.

9) Following the contentious documentary, the Supreme Court dismissed a petition last week asking for a total ban on the BBC in India.

10) On January 21, the authorities ordered several YouTube videos and Twitter posts that contained links to the documentary to be blocked.

IT Department raids pharma manufacturers in Haryana, Delhi-NCR, seizes Rs 4.2 crore cash

United News of India (UNI) — Fri, 08 Jul 2022 12:42:16 +0000

New Delhi, July 8: Income Tax Department has conducted searches on pharmaceutical manufacturers and distributors in Haryana and Delhi-NCR and claimed to have seized cash of Rs 4.2 crore and jewelry or bullion worth Rs 4 crore, an official statement said on Friday.

The search and seizure operations, conducted on June 29, 2022, on a group engaged in the business of manufacturing and distribution of pharmaceutical medicines and real estate development, covered 25 premises in Delhi-NCR and Haryana.

‘A large number of incriminating documents in the form of loose sheets and digital data have been found and seized. These documents reveal that the group was involved in huge unaccounted sales of pharmaceutical medicines in cash. Large amount of purchases, payments of wages and other expenses were also found to have been made in cash,’ the statement said.

‘The modus-operandi of unaccounted cash sales of pharmaceutical medicines, including cash receipts through hawala for sale of medicines to Afghanistan, has been admitted by a key person involved in such transactions. The preliminary analysis of the seized data indicates that such hawala cash receipts amount to Rs. 25 crore approximately. In the case of one pharmaceutical concern dealing in Active Pharmaceutical Ingredients (API), surplus stock valued at Rs 94 crore has been found,’ it said.

It was also found that the cash generated through unaccounted cash sales was allegedly invested in purchase of immovable properties, and in expansion of manufacturing facilities of pharmaceutical medicines.

The real estate entities of the group were found to be allegedly engaged in out-of-books sale and purchase of properties in cash.

‘The group has also been booking bogus long term or short term capital losses in the securities market. To offset the capital gains earned on such property transactions. The amount of such bogus losses is estimated to be around Rs. 20 crore. The search action has revealed that the group has also floated benami entities. To purchase immovable properties in the State of Himachal Pradesh’. The statement said.

(Except for the headline. This story has not been edited by Business Upturn staff and is published from a syndicated feed.)

Tamil Nadu Elections 2021: IT department raids premises of Sabareesan, son-in-law of DMK chief MK Stalin

Nitin Anand — Fri, 02 Apr 2021 06:12:34 +0000

On Friday, April 2, premises of Sabareesan who is son-in-law of DMK president MK Stalin was being raided by Income Tax department. The search is still underway at his residence. Apart from Sabareesan’s residence, several other places connected to him are also being searched by the IT department officials, as quoted by ANI.

Tamil Nadu: Income Tax department search underway at the premises of Sabareesan, son-in-law of DMK president MK Stalin. Apart from his residence, several other places connected to him are also being searched. Details awaited.

— ANI (@ANI) April 2, 2021

Income tax officials currently searching 4 places in Chennai including residences of MK Stalin’s daughter in Teynampet and Neelangarai. Two other locations also being searched. Searches at four places in Chennai owned by Sabareesan started around 8 am today, April 2.

This is the second time when DMK leaders have faced raids from Income Tax department ahead of the Tamil Nadu elections, which is scheduled to be held on April 6. Senior DMK leader and candidate EV Velu was also being raided on the basis of “credible inputs of cash movement” during the campaign.

Sabareesan is seen as a key strategist in MK Stalin’s core team. The searches come a day after MK Stalin’s son Udhayanidhi Stalin raised the question at a rally near Coimbatore of what he called an exponential rise in the assets of Union Home Minister Amit Shah’s son Jay Shah.

Election Polls will be held for 234 seats in Tamil Nadu with the Congress-DMK and BJP-AIADMK alliance being the major groups contesting against each other. The Election is scheduled to be held on April 6, and results of the Tamil Nadu election will be declared on May 2.

Taapsee Pannu breaks her silence on the recent I-T raid

Dhruv Jagtap — Mon, 08 Mar 2021 11:05:43 +0000

Bollywood Actress Taapsee Pannu has openly expressed her feelings right after all the mess and sudden raids that the I-T department conducted. During a virtual interview with NDTV, Taapsee frankly spoke about what all happened with her in the last 4-5 days of Income Tax raid.

The actress said that she and her family completely cooperated with the officers. “We answered each and every question that was asked to us in a very truthful manner,” said Taapsee. Further she said, “When IT raids happen, there is no option but to follow procedure.We are law binding citizens and we followed each and every procedure that they informed us to do.”

Taapsee was also seen criticizing media houses for spreading wrong information about her. The actress said, “She never knew that someone was willing to give here 5 crore bills, the officers never mentioned that the bill was found in my house. The officers just made a statement that a 5 crores bill was found in a leading actress house, which doesn’t mean it’s me. There were 21 more properties raided in entire Mumbai and Pune, aren’t there possibilities that more actresses can be involved in this.”

Taapsee blamed the media for misinterpreting and misrepresenting the entire thing. She said they tried to defame here which wasn’t successful.

Furthermore, the actress spoke about the Finance minister’s statement on the ongoing raid. Taapsee said, “Ma’am was completely right and I (Taapsee) respect the law of my country. It was a raid procedure, we had to follow that.”

Nonetheless, Taapsee said she wasn’t worried about such raids as she has nothing to hide.