In Punjab, the Income Tax Department identified tax fraud by three commission agents who were also involved in the field of farmers besides having a business of cold storage facilities and rice mills, Income tax department raid claimed “suppression” of company revenues and “inflation” of expenditures. In this article, we will read about the latest news of the Income Tax Department Raid on 3 Commission Agents.
Outcomes of the Income Tax Department Raid on 3 Commission Agents
The Income Tax Department investigated and seized three key groups of the Commission’s agents on 8 September as they were not involved in ITR Filing. They were established in Punjab and operated in the various regions of Punjab and Haryana. In addition to commissions, these companies were involved in the business of various kinds such as jewelry stores, cold storage, milling mills, standard mills, flour mills, oil, rice mills, and poultry.
Based on the investigation, these businesses negatively represented their business records and rising costs. Also, they falsely claimed no liability for the ITR filing.
The agents didn’t consider most of the revenue and cash received in their accounting. . Moreover, the evidence found shows that money has been paid for the purchase of the immovable property. Fruit buying was found in one of the groups to be cheaper at harvest time but sold at a much higher rate when the cold stock was caught during the off-season. The same procedure was followed by other organizations.
Laddo’s script presents the books of accounts (Kacha Khata Bahi). The papers have shown high-performance tax evasion r rupees in crores of crores These account books are being discovered with the help of an expert. Other sets of account books are also identified with certain trading companies. This reflects the annual deduction of revenue in crores. Farmers experience financial improvement in sectors, ranging from 1.5% to 3.00% per month with interest.
Interest is not recorded in the financial statements because it is paid in cash. Currency transactions costing more than Rs. 9 crores were found between the poultry sector and the rice sheller. In one of Jalandhar’s suburbs, an undisclosed purchase of Rs. 1.29 crore was revealed. Previously unknown sales details received.
Two Benami-suspicious companies with their employees’ identities
Two purported Benami companies have been discovered on behalf of employees, according to a government press release about the Income-tax Raid. These businesses have annual revenues in the millions of rupees. The principal assesses admitted to making payments in violation of Section 40A(3) of the Income-Tax Act of 1961 over the years. The total value of the transactions is in crores. After they separated the payments in the account books, they reported the payments.
In addition to the aforementioned outcomes, the following was discovered.
“Investment in property amounts to ₹ 3.40 crore was not reported, the proprietors of the assets admitted during the inquiry. These entities have been detected with unrecounted cash worth Rs.1.70 crore and not going with ITR filing. Unspecified jewelry valued at 1.50 crore was discovered. Inexplicable Flour stocks estimated at approx. 1.50 crore was also discovered. There were eight bank lockers, which are functioning now, under constraint.
The search is still going on, and more investigations are being conducted.
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