SIGN IN SUBSCRIBE

News Update

Govt appoints New Directors for 6 IITsGST - Assessing officer took into account the evidence placed on record and drew conclusions - Bench is, therefore, of the view that petitioner should present a statutory appeal: HCNexus between Election Manifesto and Budget 2024 in July!GST - Tax liability was imposed because petitioner replied without annexing documents - It is just and appropriate that an opportunity be provided to contest tax demand on merits, albeit by putting petitioner on terms: HCGST - To effectively contest the demand and provide an opportunity to petitioner to place all relevant documents, matter remanded but by protecting revenue interest: HCGST - Petitioner has failed to avail opportunities granted repeatedly - Court cannot entertain request for remand as there has been no procedural impropriety and infraction of any provision by assessing authority: HCGST - Classification - Matter which had stood examined by Principal Commissioner is being treated differently by Additional Commissioner - Prima facie , approach appears to be perverse: HCI-T- Denial of deduction u/s 80IC can create perception of genuine hardship, where claimant paid tax in excess of what was due; order denying deduction merits re-consideration: HCIsrael launches missile attack on IranEC holds Video-Conference with over 250 Observers of Phase 2 pollsGermany disfavours Brazil’s proposal to tax super-richI-T- If material found during search are not incriminating in nature AO can not made any addition u/s 153A in respect of unabated assessment: ITATGovt appoints Dinesh Tripathi as New Navy ChiefAFMS, IIT Kanpur to develop tech to address health problems of soldiersFBI sirens against Chinese hackers eyeing US infrastructureKenya’s top military commanders perish in copter crashCBIC notifies Customs exchange rates w.e.f. April 19, 2024Meta shares ‘Most Intelligent’ AI assistant built on Llama modelDengue cases soaring in US - Close to ‘Emergency situation’: UN Agency
 
Income Tax raids Bengaluru-based liquor company; detects Rs 693 Cr concealed income

By TIOL News Service

NEW DELHI, FEB 11, 2021: THE Income Tax Department carried out search and seizure operation on a major liquor manufacturer group based in Bengaluru on 09.02.2021 at 26 different locations across India. This group has huge land bank which is being developed into residential and commercial properties with a builder based in Bengaluru. The searches have resulted in detecting incriminating evidences relating to concealment of income of more than Rs. 692.82 crore on account of Joint Development Projects with a major builder based in Bengaluru.

Also, the group companies have fraudulently claimed expenses amounting to Rs. 86 crore. In respect of their liquor business, unaccounted sales amounting to Rs. 74 crore have been detected from one of their liquor manufacturing plants based in Kerala. The group companies have also claimed bogus expenses of Rs. 17 crore in their business entities. The Directors of the group have incurred unexplained expenditure of Rs. 9 crore attracting the provisions of Section 69C of Income-tax Act, 1961.

There are large number of investments made in benami properties in the names of their employees and associates for several years. In total 35 suspected benami properties in the names of their relatives and associates valued at more than Rs. 150 crore have been identified. There are also evidences of foreign assets in the name of a director of the group company.

In all, the search and seizure action has resulted in the detection of total undisclosed income of Rs. 878.82 crore.

Further investigations are in progress.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360





Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST