I-T searches in U.P., Karnataka; finds tax evasion
The Hindu
Shell companies were set up to provide bogus entries to evade tax
The Income-Tax Department on Tuesday said its recent searches on various persons and their entities engaged in the business of civil construction, real estate and running educational institutes in Uttar Pradesh and Karnataka, led to detection of tax evasion and other financial irregularities.
The searches were carried out at more than 30 premises on December 18 in Lucknow, Mainpuri and Mau in Uttar Pradesh, Kolkata in West Bengal, Bengaluru in Karnataka and the national capital region. A Kolkata-based entry operator was also covered during the operation.
According to the agency, several entities into civil construction business were involved in claiming bogus expenditure running into crores of rupees. “In the case of one company, undisclosed income of over ₹86 crore of the directors of the company has been detected,” said the Department, adding that the person concerned admitted ₹68 crore as his undisclosed income and offered to pay tax thereon.
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