I-T Dept. accuses multinational group of tax evasion
3 years ago

I-T Dept. accuses multinational group of tax evasion

The Hindu  

The Income–Tax Department on Thursday claimed to have detected irregularities on the part of a multinational group engaged in the distribution of telecom products and providing captive software development services. We will approach related government departments for more information and fully cooperate as per the rules and regulations and follow the right procedure.” Without naming the company, the I–T Department in a statement on Thursday alleged that the group had made inflated payments against receipt of technical services from its related parties outside India. “The assessee company could not justify the genuineness of obtaining of such alleged technical services in lieu of which payment has been made as also the basis of determination of consideration for the same,” it said, adding that the expenses debited by the company towards receipt of such services were to the tune of ₹129 crore over five years. The Department said one of the group entities, which is into software development services, had allegedly been disclosing lower net margins from the related parties, by claiming its operation to be of low-end nature.

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History of this topic

Large-scale tax fraud busted by Income Tax department
3 days, 5 hours ago

Large-scale tax fraud busted by Income Tax department

The Hindu  

The intelligence wing of the Income Tax Department has detected a large-scale tax fraud during the simultaneous surprise raids organised across Tamil Nadu including the four southern districts. An official statement said thousands of employees of various Public Sector Undertakings and corporates have made fraudulent claims in their Income Tax Returns and received huge refunds by evading income tax. Multiple …

I-T raids on Sri Chaitanya for collecting fees in cash
2 weeks, 5 days ago

I-T raids on Sri Chaitanya for collecting fees in cash

Deccan Chronicle  

Hyderabad: Income-tax officials on Monday raided Sri Chaitanya Educational Institutions and its corporate offices located at different places, including Hyderabad, Vijayawada, Mumbai, New Delhi, Chennai and Bengaluru, to probe allegations that the group was allegedly collecting fees from parents in cash to evade tax. Around 6 am on Monday, the I-T officials, along with the Central forces, arrived at the …

DGGI probe detects ₹1,196 crore fraudulent Input Tax Credit transactions
1 month, 2 weeks ago

DGGI probe detects ₹1,196 crore fraudulent Input Tax Credit transactions

The Hindu  

The Directorate General of GST Intelligence has unearthed fraudulent Input Tax Credit transactions amounting to ₹1,196 crore by exposing a network of bogus companies and arrested a person, as per an official release. The investigation showed that the accused had set up shell entities that generated fake invoices and e-way bills. The fraudulent network facilitated the availing and passing of …

Bogus companies, fake invoices: ₹1,196 crore GST fraud unearthed by DGGI Pune Zonal Unit; check details
1 month, 2 weeks ago

Bogus companies, fake invoices: ₹1,196 crore GST fraud unearthed by DGGI Pune Zonal Unit; check details

Live Mint  

The Pune Zonal Unit of the Directorate General of GST Intelligence has busted a Goods and Services Tax evasion racket involving a fraudulent input tax credit scam of ₹1,196 crore and arrested one individual in connection with the case. The investigation has revealed a sophisticated network of bogus companies engaged in fraudulent Input Tax Credit transactions, reported PTI quoting DGGI …

I-T raid: Contractor’s son claims money came from land sale; BJP demands CBI probe
1 year, 5 months ago

I-T raid: Contractor’s son claims money came from land sale; BJP demands CBI probe

The Hindu  

The son of the contractor whose properties were raided by the Income Tax Department during which a large amount of cash, said to be over ₹40 crore, was recovered, has claimed the money was his own, which came from a land sale deal and he would explain to the I-T sleuths soon. The I-T sleuths had raided premises linked to …

I-T dept sends tax demand notice to Amazon Web Services; Here’s why
2 years ago

I-T dept sends tax demand notice to Amazon Web Services; Here’s why

Live Mint  

The income tax department has reportedly sent a tax demand notice to Amazon Web Services of ₹549 crore. The tax department has raised ₹190.85 crore tax demand for FY15 and ₹358.27 crore for FY17 by invoking Section 147 of the Income-tax Act. In January, the income tax department has also begun a probe against drug major Cipla over the allegations …

I-T Dept questions BRS MLC, realtors over tax evasion
2 years, 1 month ago

I-T Dept questions BRS MLC, realtors over tax evasion

Deccan Chronicle  

Hyderabad: Officials of the income-tax department on Wednesday questioned BRS MLC Venkatrami Reddy and officials of Pushpa Lifestyle City Projects, a day after raiding their company premises and residences over tax evasion. Besides questioning Venkatrami Reddy, a former IAS officer, about his association with realtors and businessmen in the city, I-T officials also questioned his auditors over his failure to …

I-T raids pharma, realty firms in Hyderabad and Andhra Pradesh; claims tax evasion
2 years, 1 month ago

I-T raids pharma, realty firms in Hyderabad and Andhra Pradesh; claims tax evasion

Deccan Chronicle  

Hyderabad: The Income-tax department on Tuesday raided several business firms across the city and Andhra Pradesh, including Vasudha Pharma Chem Limited and IAS officer-turned-BRS MLC Venkatrami Reddy, for alleged tax evasion. “The I-T officials, armed with income-tax returns filed by Vasudha Pharma and individuals, allegedly found violations in sources of income and expenditure, including purchase and sales of pharma-related material. …

I-T dept conducts raids, surveys on unrecognised political parties, NGOs Oxfam, CPR
2 years, 6 months ago

I-T dept conducts raids, surveys on unrecognised political parties, NGOs Oxfam, CPR

India TV News  

Raids on NGOs, unrecognised parties: The Income Tax department on Wednesday conducted raids and surveys in various states in separate cases related to alleged tax evasion, violation of FCRA violation and illicit funding of registered unrecognised political parties, official sources said. The coordinated operations were carried out at over 110 locations in Gujarat, Delhi, Uttar Pradesh, Maharashtra, Madhya Pradesh, Chhattisgarh, …

I-T dept alleges business, tax irregularities against Dolo-650 maker
2 years, 8 months ago

I-T dept alleges business, tax irregularities against Dolo-650 maker

The Hindu  

The CBDT on Wednesday accused the makers of the widely-known Dolo-650 tablet of indulging in “unethical practices” and distributing freebies of about ₹1,000 crore to doctors and medical professionals in exchange for promoting products made by the pharmaceutical group. “During the course of the search operations, substantial incriminating evidence, in the form of documents and digital data, has been found …

IT Dept raids two Tamil Nadu business groups, detects undisclosed income
2 years, 8 months ago

IT Dept raids two Tamil Nadu business groups, detects undisclosed income

India TV News  

The Income Tax Department on Tuesday said that it carried out search and seizure operations on July 6 on two business groups of Tamil Nadu engaged in the business of civil contracts, real estate, and advertising. The undisclosed income of the groups detected so far is estimated at more than Rs 500 crore, an official said. The preliminary examination of …

I-T raids Huawei over tax evasion; company says operations ‘compliant with law’
3 years, 1 month ago

I-T raids Huawei over tax evasion; company says operations ‘compliant with law’

Hindustan Times  

The Income Tax department conducted searches at several premises of Chinese telecom company Huawei as part of an alleged tax evasion probe, people familiar with the development said on Wednesday. In a statement, Chinese telecom firm Huawei said its operations in the country were “firmly compliant” with the law. In a statement, the Chinese telecom firm said its operations in …

I-T dept searches Chinese telecom major Huawei\'s office in Delhi, Bengaluru
3 years, 1 month ago

I-T dept searches Chinese telecom major Huawei\'s office in Delhi, Bengaluru

Deccan Chronicle  

New Delhi: The Income-tax department has conducted searches at multiple premises of Chinese telecom company Huawei in the country as part of a tax evasion investigation, official sources said on Wednesday. Sources said the officials looked at financial documents, account books and company records as part of a tax evasion investigation against the company, its Indian businesses and overseas transactions. …

I-T department statement after raids on SP leaders says undisclosed income, property worth crores have been found
3 years, 3 months ago

I-T department statement after raids on SP leaders says undisclosed income, property worth crores have been found

Op India  

As the Samajwadi Party chief and former Uttar Pradesh Chief Minister Akhilesh Yadav is crying foul over the tax raid on his three aides, Income Tax Department is understood to have detected undisclosed assets worth hundreds of crores of rupees, as per reports. Referring IT department statement, the media reports have said that during searches against a Bengaluru-based Trust and …

Income Tax department seizes ₹143 crore in cash from Hyderabad-based pharma group
3 years, 5 months ago

Income Tax department seizes ₹143 crore in cash from Hyderabad-based pharma group

The Hindu  

The Income-Tax Department searches on a major Hyderabad-based pharmaceutical group has lead to the seizure of about ₹143 crore in cash and detection of unaccounted income to the tune of ₹550 crore. “Incriminating digital evidence was gathered from SAP @ ERP software maintained by the assessee group,” it said. The agency detected several issues related to discrepancies in the purchases …

I-T department detects Rs 300 crore black money after raiding 2 Chennai financing groups
3 years, 6 months ago

I-T department detects Rs 300 crore black money after raiding 2 Chennai financing groups

India TV News  

The Central Board of Direct Taxes on Saturday claimed that the Income Tax Department has detected "unaccounted" income of over Rs 300 crore after it raided two private syndicate financing groups in Chennai. "The searches, so far, have resulted in the detection of undisclosed income of more than Rs 300 crore and unaccounted cash of Rs 9 crore has been …

I-T department raids premises linked to Anil Deshmukh in tax evasion case
3 years, 6 months ago

I-T department raids premises linked to Anil Deshmukh in tax evasion case

Hindustan Times  

The investigation wing of the Income Tax department conducted searches on Friday at the residence and offices of former Maharashtra home minister Anil Deshmukh in Nagpur, Mumbai and Pune for suspected tax evasion. On August 23, the Enforcement Directorate filed a charge sheet against his personal secretary Sanjeev Palande and personal assistant Kundan Shinde in a money laundering case, in …

I-T Department detects unaccounted transactions involving over ₹1,000 crore during search on Ahmedabad-based group
3 years, 6 months ago

I-T Department detects unaccounted transactions involving over ₹1,000 crore during search on Ahmedabad-based group

The Hindu  

The Income Tax Department on Friday said that its searches on an Ahmedabad-based group, engaged primarily in the media and real estate sectors, had led to the detection of unaccounted transactions involving over ₹1,000 crore so far. “The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors. The media …

Fake firms used for ₹300 crore GST evasion in Jharkhand: CGST dept
3 years, 7 months ago

Fake firms used for ₹300 crore GST evasion in Jharkhand: CGST dept

Hindustan Times  

The Central Goods and Services Tax department, Ranchi, has unearthed an alleged ₹300 crore scam wherein firms, mainly from Chhattisgarh and Odisha, used fake bills and invoices generated by shell companies registered in Jharkhand for tax evasion, officials said on Thursday. Officials said most of the firms dealt in coal and scrap in Chhattisgarh and Odisha As per CGST officials, …

I-T Dept Detects Rs 200-crore Evasion After Raids at Three 'Leading' Entities in Assam
4 years, 1 month ago

I-T Dept Detects Rs 200-crore Evasion After Raids at Three 'Leading' Entities in Assam

News 18  

The Income Tax Department has detected tax evasion of more than Rs 200 crore after it raided three "leading" entities of Assam involved in construction and tea garden businesses, the CBDT said on Wednesday. "Entries from shell companies in the form of share capital and unsecured loans and by way of amalgamation to the tune of approximately Rs 100 crore …

I-T Dept detects over Rs 700 cr tax evasion after raids against Chennai's Chettinad Group
4 years, 3 months ago

I-T Dept detects over Rs 700 cr tax evasion after raids against Chennai's Chettinad Group

India TV News  

The Income Tax Department has detected tax evasion of more than Rs 700 crore after it recently raided multiple locations of Chennai-based Chettinad Group, the CBDT, and official sources said on Tuesday. "The highlight of the search includes seizure of unaccounted cash of Rs 23 crore from various locations," the CBDT said in a statement. While the CBDT said its …

Tamil Nadu: I-T dept unearths over ₹450 crore unaccounted cash
4 years, 4 months ago

Tamil Nadu: I-T dept unearths over ₹450 crore unaccounted cash

Live Mint  

The Income Tax Department has conducted searches on 27 November in the case of an IT SEZ developer, its ex-Director and a prominent stainless-steel supplier in Chennai. The evidences unearthed include unaccounted assets worth about ₹100 crore, accumulated by the ex-Director and his family members in the last three years. The search further unearthed that the IT SEZ developer claimed …

Tax department searches Chennai-based group for undisclosed income
4 years, 4 months ago

Tax department searches Chennai-based group for undisclosed income

Live Mint  

NEW DELHI: The Income Tax department has detected unaccounted income of ₹1,000 crore during a search conducted on a Chennai-based group, said an official statement on Saturday. The group, operating in the IT infrastructure sector,has foreign assets, which are not disclosed in its income tax return, the department said, adding that searches were carried out on Wednesday at five locations …

I-T Dept Detects Rs 75 Crore Unaccounted Income After Raids on Traders in Poll-bound Bihar
4 years, 4 months ago

I-T Dept Detects Rs 75 Crore Unaccounted Income After Raids on Traders in Poll-bound Bihar

News 18  

The Income Tax Department had detected “undisclosed” income of Rs 75 crore after it raided some contractors and traders at multiple places in the poll-bound Bihar, the CBDT said on Friday. The searches, so far, have led to unearthing of unaccounted income of about Rs 75 crore,” the Central Board of Direct Taxes said in a statement. “These documents and …

I-T department searches Tamil Nadu education group, detects ₹150-cr tax evasion
4 years, 5 months ago

I-T department searches Tamil Nadu education group, detects ₹150-cr tax evasion

Live Mint  

The Income Tax department on Wednesday raided a Tamil Nadu-based group running multiple educational institutions and the action had led to detection of alleged tax evasion worth about ₹150 crore, the CBDT said today. "The search was carried out on the basis of information that fees collected from students were not fully accounted for in the regular books of accounts," …

I-T dept raids Chandigarh lawyer who allegedly took ₹217 crore from client
4 years, 5 months ago

I-T dept raids Chandigarh lawyer who allegedly took ₹217 crore from client

Hindustan Times  

The Income Tax Department has raided a “leading” Chandigarh-based advocate for allegedly evading tax and receiving ₹217 crore “in cash”, tax officials said on Thursday. In a statement, the Central Board of Direct Taxation said cash amounting to ₹5.5 crore was seized during searches carried out against the advocate practising in the field of commercial arbitration and alternate dispute resolution. …

I-T Dept Raids Chandigarh Advocate Who Took Rs 217 Crore Cash from Client
4 years, 5 months ago

I-T Dept Raids Chandigarh Advocate Who Took Rs 217 Crore Cash from Client

News 18  

: The Income Tax Department has raided a "leading" Chandigarh-based advocate on charges of alleged tax evasion and receiving at least Rs 217 crore "in cash", tax officials said on Thursday. Cash amounting to Rs 5.5 crore has been seized during the searches carried out against the advocate practising in the field of commercial arbitration and alternate dispute resolution, the …

I-T Department seizes Rs 1.25 cr cash in UP and Bihar raids on businessman and bank chairman
4 years, 5 months ago

I-T Department seizes Rs 1.25 cr cash in UP and Bihar raids on businessman and bank chairman

Firstpost  

Though the CBDT did not identify those who were raided, sources said the businessman has links with a political party in election-bound Bihar New Delhi: The Income Tax Department has conducted searches in poll-bound Bihar and Uttar Pradesh against a businessman involved in mining and the hotel industry and the chairman of a “large” cooperative bank, the CBDT said on …

I-T Dept detects money laundering racket linked to Chinese firms
4 years, 7 months ago

I-T Dept detects money laundering racket linked to Chinese firms

Live Mint  

New Delhi: The Income Tax department on Tuesday said searches at premises of certain Chinese entities in India have revealed a money laundering racket involving shell companies. A subsidiary of a Chinese company and its related concerns have taken over ₹100 crore bogus advances from shell entities for opening retail showrooms in India, the tax department said in a statement. …

I-T Dept Raids Chinese Individuals, Local Contacts in Rs 1,000-crore Money Laundering Case
4 years, 7 months ago

I-T Dept Raids Chinese Individuals, Local Contacts in Rs 1,000-crore Money Laundering Case

News 18  

The Income Tax Department conducted raids in New Delhi against some Chinese individuals and their local associates for allegedly indulging in a money laundering racket involving Rs 1,000 crore using shell or dubious firms, the Central Board of Direct Taxes said on Tuesday. The CBDT, which frames policy for the tax department, said the searches were launched based "on credible …

I-T refers tax fraud to Enforcement Directorate
5 years, 1 month ago

I-T refers tax fraud to Enforcement Directorate

Deccan Chronicle  

Vijayawada: The case involving fraudulent transactions of Rs 2,000cr by three infra companies owned by Telugu Desam leaders is getting deeper with the income-tax department deciding to refer the case to other investigating agencies like Enforcement Directorate and Serious Fraud Investigation Office. What makes this more interesting is that the benami prohibition wing of the IT department is handling the …

I-T Dept detects Rs 435-cr undisclosed income after raids on Tamil Nadu firm; company inflates expenditures using bogus invoices
5 years, 4 months ago

I-T Dept detects Rs 435-cr undisclosed income after raids on Tamil Nadu firm; company inflates expenditures using bogus invoices

Firstpost  

It was found, the CBDT said, that the company would pay for such bogus expenses by cheque or RTGS and then receive the cash back. New Delhi: The income tax department has detected alleged undisclosed income of Rs 435 crore after it raided a Tamil Nadu-based company, the CBDT said on Sunday. Unaccounted cash of Rs 32.6 crore and about …

IT department detects Rs 435-crore undisclosed income after raids on TN firm
5 years, 4 months ago

IT department detects Rs 435-crore undisclosed income after raids on TN firm

India TV News  

The income tax department has detected alleged undisclosed income of Rs 435 crore after it raided a Tamil Nadu-based company, the CBDT said on Sunday. Unaccounted cash of Rs 32.6 crore and about 10 kgs of gold jewellery has been seized during the search operations that were launched on November 15 at twenty premises in "a tier 3 city of …

CBDT asks I-T Dept to probe about 3 lakh de-registered firms for money laundering
6 years ago

CBDT asks I-T Dept to probe about 3 lakh de-registered firms for money laundering

India TV News  

The CBDT has issued directions to Income Tax offices across the country to probe financial transactions of about three lakh firms, de-registered by the government for their dubious financial credentials, for tax evasion and money laundering, especially during demonetisation. "To check possible misuse of such companies for money laundering activities, the board desires that the field authorities may verify deposits …

I-T sleuths unearth ₹20,000-crore hawala, money laundering racket
6 years, 1 month ago

I-T sleuths unearth ₹20,000-crore hawala, money laundering racket

Live Mint  

The Income Tax Department on Monday claimed to have busted a nexus of hawala operators who were running a money laundering racket in the national capital estimated to be worth ₹20,000 crore. In the second case, a "highly organised" money laundering racket has been unearthed where current transactions in well-known shares were fraudulently camouflaged as being sales of old shares …

GST officers arrest 2 businessmen for Rs 79.21 crore tax evasion
6 years, 6 months ago

GST officers arrest 2 businessmen for Rs 79.21 crore tax evasion

Hindustan Times  

GST officers have arrested two businessmen for evading taxes worth Rs 79.21 crore by fraudulently issuing invoices of Input Tax Credit without actual supply of goods, the Finance Ministry said in a statement. During investigation the DGGI found that these businessmen heading Mica Industries had floated two entities namely Galaxy Metal Products, Delhi and Sri Ram Industries, Delhi for issuing …

Rotomac bank fraud: I-T Dept attaches four properties in Kanpur, Ahmedabad
7 years, 1 month ago

Rotomac bank fraud: I-T Dept attaches four properties in Kanpur, Ahmedabad

India TV News  

The Income Tax Department today said it has attached four immovable assets of the Rotomac group and its promoters in connection with an alleged tax evasion probe against them. The Kanpur-based group is being probed by the CBI and the Enforcement Directorate in connection with an alleged bank loan fraud of Rs 3,695 crore, given by a consortium of seven …

CBDT asks I-T to slap higher tax rate on misused income tax returns, black money shown as white
7 years, 4 months ago

CBDT asks I-T to slap higher tax rate on misused income tax returns, black money shown as white

Firstpost  

Unaccounted income so assessed in scrutiny assessment is liable to be taxed at a higher rate without any set off losses, expenses New Delhi: The Central Board of Direct Taxes has asked the taxman to go over with a fine tooth-comb scrutiny cases where a taxpayer has filed a revised income tax return post-demonetisation and directed them to slap “higher …

I-T dept detects Rs 22,000 cr undisclosed income in 2 years, says FM Arun Jaitley
8 years, 8 months ago

I-T dept detects Rs 22,000 cr undisclosed income in 2 years, says FM Arun Jaitley

Firstpost  

The number of cases where prosecution complaints were filed and offences were compounded during fiscal year 2014-15 and 2015-16 is 3,140, as against 1,690 during fiscal 2012-13 and 2013-14 New Delhi: The Income Tax Department has detected undisclosed income worth Rs 22,475 crore in over 9,500 surveys conducted over the past two years, Finance Minister Arun Jaitley said Friday. As …

Income Tax Department will focus on prosecution of wilful tax evaders | IndiaTV News
10 years, 1 month ago

Income Tax Department will focus on prosecution of wilful tax evaders | IndiaTV News

India TV News  

New Delhi: The Income Tax Department has shifted its focus from revenue augmentation to prosecution of willful tax evaders. Central Board of Direct Taxes on Thursday confirmed that the I-T Department has started focusing on nabbing those who escape tax scanner, which is a comparatively more serious offence. Till now the department only treated disclosure of unaccounted income as civil …

Cobrapost sting: Income Tax dept issues notice to ICICI, HDFC, Axis banks – India TV
11 years, 10 months ago

Cobrapost sting: Income Tax dept issues notice to ICICI, HDFC, Axis banks – India TV

India TV News  

New Delhi, May 28: Income Tax department has issued notices to three top private lenders in the country - ICICI Bank, Axis Bank and HDFC Bank - in connection with alleged money laundering charges levelled by online portal Cobrapost. The department has asked these banks to produce documents for verification as part of its tax evasion probe.The notices have been …

Chidambaram promises action against Indians stashing money in offshore tax havens – India TV
11 years, 11 months ago

Chidambaram promises action against Indians stashing money in offshore tax havens – India TV

India TV News  

New Delhi, Apr 6 : Finance Minister P Chidambaram today said an inquiry has been initiated against the individuals whose names appeared in a global report on the monies stashed in tax heaven. We have taken note of the names and inquiries have been put in motion in respect of the names that have been exposed", he said when asked …

Chidambaram promises action against Indians stashing money in offshore tax havens – India TV
11 years, 11 months ago

Chidambaram promises action against Indians stashing money in offshore tax havens – India TV

India TV News  

New Delhi, Apr 6 : Finance Minister P Chidambaram today said an inquiry has been initiated against the individuals whose names appeared in a global report on the monies stashed in tax heaven. We have taken note of the names and inquiries have been put in motion in respect of the names that have been exposed", he said when asked …

I-T finds no signs of big corporate fraud in Reebok India case
12 years, 8 months ago

I-T finds no signs of big corporate fraud in Reebok India case

India TV News  

New Delhi, Jul 15: About two months after a criminal case was filed by Reebok India against two of its former employees over a scam allegedly involving Rs 870 crore, the Income Tax department has found that it may not be a case of corporate fraud as made out and could involve tax evasion to the tune of Rs 140 …

India Against Corruption under I-T, ED scanner
12 years, 10 months ago

India Against Corruption under I-T, ED scanner

The Hindu  

The Delhi Police on Tuesday told a court here that it had written to the Income Tax Department and the Enforcement Directorate, asking them to audit the accounts, and examine funding from abroad, of India Against Corruption, the NGO behind Anna Hazare's anti-corruption crusade. A letter has also been written to the Enforcement Directorate to examine the funding of the …

Channels get I-T notice over deducting too little tax
14 years, 4 months ago

Channels get I-T notice over deducting too little tax

Live Mint  

Mumbai: The income-tax department has issued show-cause notices to a few television channels and production houses for allegedly not deducting tax at source on payments made towards professional and technical services for three-and-a-half years between 1 April 2007 and 30 September 2010, says an I-T official familiar with the development. We’d also like to clarify that the department found everything …

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