Updated: December 22, 2021 10:53:27 am
Two days after it conducted search and seizure operations across 30 locations in Uttar Pradesh and Karnataka, the Income Tax Department issued a statement Tuesday, saying it had detected undisclosed incomes, bogus loans, and investments in benami properties — all amounting to hundreds of crores of rupees.
The statement did not name any person or company in the statement, but sources confirmed the details are related to the latest searches at the premises of aides of opposition leaders in poll-bound Uttar Pradesh.
On Saturday, the tax department conducted searches at the houses of a Samajwadi Party (SP) leader and three others considered close to SP president Akhilesh Yadav, drawing an angry response from the party, which accused the department of acting at the behest of the BJP ahead of the upcoming Assembly polls.
“The Income Tax Department carried out search and seizure operations on 18.12.2021 on various persons and their business entities, engaged in the business of civil construction and real estate and running educational institutes in UP and Karnataka. A Kolkata-based entry operator has also been covered in the search operation,” it added.
The tax department said several entities engaged in civil construction were found to be involved in claiming bogus expenditure running into crores of rupees.
“In the case of one company, undisclosed income of over Rs 86 crore of the directors of the company has been detected. Out of it, the person concerned has admitted a sum of Rs 68 crore as his undisclosed income and offered to pay tax thereon,” it said.
Pointing out that shell companies were allegedly used for routing funds, the department said it detected unexplained income and investments of around Rs 12 crore along with another case of identification of unexplained investment of Rs 11 crore in a shell company, besides investments in benami properties worth Rs 3.5 crore.
It said books of accounts relating to a proprietary firm’s turnover exceeding Rs 150 crore during the last few years were not traceable.
Searches were also conducted against a Kolkata-based accommodation entry provider who allegedly formed various shell companies to provide accommodation entries of bogus share capital of Rs 408 crore and bogus unsecured loan of Rs 154 crore, it added.
“Large number of incriminating evidences including hard copy documents and digital data have been found and seized during the search…Further investigations are in progress,” the tax department said.
Searches were also conducted against a Bengaluru-based Trust and its related entities, the department said, and unaccounted cash of Rs 1.12 crore was seized along with evidence that capitation fees of about Rs 10 crore had been collected in cash.
Also, around Rs 80 lakh, transferred in the guise of donation for non-trust purposes to certain Kerala-based entities including Markazu Saquafathi Sunniyya Trust and Markaz Knowledge City Trust, both having links with Gulf countries, were for the personal benefit of the trustees, the tax department said.
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