I-T Dept Issues Refunds Worth Rs 37,050 Cr Till July 5

The Income Tax Department has detected undisclosed earnings of about Rs 750 crore after it raided three main Bengaluru-based contractors engaged within the execution of irrigation and freeway tasks, the CBDT mentioned on Tuesday.

The searches had been launched on October 7 at 47 premises unfold throughout 4 states.

“These three groups were involved in suppression of their income by resorting to bogus purchases, inflation of labour expenses, booking of bogus sub-contract expenses etc.

“Investigation discovered that one of many teams has booked bogus sub-contract bills within the identify of about 40 people of no means and unconnected to the development enterprise,” the Central Board of Direct Taxes, the policy-making body for the tax department, said in a statement.

It added that these individuals have admitted to the said manipulation.

“The search and seizure motion in these three teams has resulted in detection of undisclosed earnings of about Rs 750 crore,” the CBDT said.

“Out of this, combination quantity of Rs 487 crore has been admitted by the respective group entities as their undisclosed earnings,” it said.

One of the groups admitted to having indulged in “inflation of labour bills amounting to Rs 382 crore”.

Another group has been found to have taken accommodation entries from non-existing paper companies to the extent of Rs 105 crore, which stands “admitted” by this group, the CBDT mentioned.

It mentioned Rs 4.69 crore of unaccounted money, jewelry and bullion valued at Rs 8.67 crore and silver articles price Rs 29.83 lakh had been seized in the course of the operation.


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