How companies took bogus deposits to hoodwink IT sleuths

Under the PMGKY, only Rs 3,000 crore had been declared. Raids would continue the IT department says.

A company took bogus entry deposits through the sale of shell firms and operators in Mumbai and Koklata for fake sub-contract charges and other expenses totalling Rs 100 crore. Similar operations was found at several other locations following which the Income Tax department conducted searches in 50 locations.

On Thursday, taxmen conducted raids in several locations in a bid to crackdown on tax evaders to the tune of Rs 100 crore. This was the first major action by the IT department after the black money window of the Pradhan Mantri Garib Kalyan Yojna was announced by the government for stash holders to come clean. The scheme came to a close on March 31 and the announcement to come clean was made after the decision on demonetisation was announced.

IT officials also found that a company in Pune had engaged in processing and trading of agriculture commodities. These actions were taken by these companies to evade tax and hoard black money, IT officials informed OneIndia. The raids became necessary since under the PMGKY the income disclosure was not so encouraging. Officials say that under the scheme just Rs 3,000 crore had been declared as opposed to the Rs 67,382 crore declared under the Income Disclosure Scheme.

IT officials say that raids would continue as information has been trickling in regarding the refusal by people to disclose their income and black money hoarding. Companies in Hyderabad, Kolkata, Rajkot, Mumbai, Delhi and Ahmedabad are under the scanner, IT officials also informed.

OneIndia News