• About Us
  • Advertise
  • Contact Us
  • DMCA
  • Follow on Google News
Friday, January 27, 2023
  • Login
Pioneer News
ADVERTISEMENT
  • Home
  • India
    • National
    • State News
  • Education
  • Business
  • World
  • Entertainment
  • Lifestyle
    • Health & Fitness
    • Travel
    • Fashion & Beauty
    • Food
  • Tech
    • App News
    • Gadgets
  • Auto
  • Others
    • Sports
    • Finance/Money
    • Agriculture
    • Science
    • Astrology
    • Social Work
    • Press Release
No Result
View All Result
  • Home
  • India
    • National
    • State News
  • Education
  • Business
  • World
  • Entertainment
  • Lifestyle
    • Health & Fitness
    • Travel
    • Fashion & Beauty
    • Food
  • Tech
    • App News
    • Gadgets
  • Auto
  • Others
    • Sports
    • Finance/Money
    • Agriculture
    • Science
    • Astrology
    • Social Work
    • Press Release
No Result
View All Result
Pioneer News
No Result
View All Result
Home Finance/Money

Income Tax Department conducts searches in Guwahati

Pioneer News by Pioneer News
December 26, 2020
in Finance/Money
0

New Delhi : Income Tax Department started a Search and Survey action on 22.12.2020 in the cases of three leading contractors of North Eastern India. One of the groups is also into Hospitality business. The Search and Survey actions are being carried out at 14 locations in Guwahati, Delhi, Silapathar and Pathsala (Assam).

The main allegations against the three groups are that they have taken accommodation entries in the form of non genuine unsecured loans and also securities premium from dubious Kolkata based shell companies. The three groups have suppressed their net profits across the years and routed back into business the unaccounted income through entry operators based out of Guwahati and Kolkata.
During the course of Search actions, it has been established that the shell companies from which loans/ premium had been taken exist only on paper and have no real business and creditworthiness. The entry operators, on being questioned, have admitted that the unsecured loans/share premium from the shell companies to the groups are non-genuine and bogus. Evidences of the cash trail of routing of funds through Securities premium was unearthed during search. It has been established that amounts to the tune of about Rs. 65 crore were routed back into regular books involving Shell companies which actually represent unaccounted income of the group. Further investigation is on to detect the actual quantum involved in tax evasion using this modus operandi.
It has been gathered during the Search action that one of the groups engages in huge cash transactions in hospitality business of proportions as high as 50%, which is under examination. It has been further gathered that some of the entities of the groups engage in purchases of Jewellery in cash. The source of the cash purchases are under examination.
Till now, Jewellery to the tune of Rs. 9.79 lakh has been seized. The sources of acquisition of remaining Jewellery found exceeding Rs. 2 crore are under verification. Cash of Rs 2.95 crore has also been seized. Overall, undisclosed income to the tune of approximately Rs. 100 crore has been unearthed so far during the Search and Survey operation. One locker has been found, which is yet to be operated.
Further investigations are under progress. -PIB

RelatedPosts

Univest collaborates with Pratik Gandhi to conquer retail investor challenges

Univest collaborates with Pratik Gandhi to conquer retail investor challenges

January 10, 2023
PayRup, India’s Fastest Payment app is launched

PayRup, India’s Fastest Payment app is launched

January 9, 2023
ADVERTISEMENT
Tags: GuwahatiIncome Tax Department
ShareTweetSharePinSendShareShareSend
ADVERTISEMENT
Pioneer News

Pioneer News

Related Posts

Univest collaborates with Pratik Gandhi to conquer retail investor challenges
Finance/Money

Univest collaborates with Pratik Gandhi to conquer retail investor challenges

by Pioneer News
January 10, 2023
PayRup, India’s Fastest Payment app is launched
Finance/Money

PayRup, India’s Fastest Payment app is launched

by Pioneer News
January 9, 2023
Drivio, a digital-first omnichannel two-wheeler financing platform in making, raises USD 1 million in seed funding
Business

Drivio, a digital-first omnichannel two-wheeler financing platform in making, raises USD 1 million in seed funding

by Pioneer News
January 2, 2023
Financial Planning Goes AI: Introducing WOW the Most Advanced Fintech in India for 2023
Business

Financial Planning Goes AI: Introducing WOW, the Most Advanced Fintech in India for 2023

by Pioneer News
December 29, 2022
India’s Largest Retail Finance NBFC is Here – Shriram Finance Limited. Shriram Transport Finance and Shriram City Union Finance are now Shriram Finance
Business

India’s Largest Retail Finance NBFC is Here – Shriram Finance Limited. Shriram Transport Finance and Shriram City Union Finance are now Shriram Finance

by Pioneer News
December 7, 2022
Next Post

PM to inaugurate India’s first-ever driverless train operations on Delhi Metro’s Magenta Line

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Things to Learn from The Weekly with ChoubeyJi

Things to Learn from The Weekly with ChoubeyJi

February 25, 2022
Oral Asformas – The Digital Marketing Entrepreneur who lit up his life through his Never-Back-Down attitude

Oral Asformas – The Digital Marketing Entrepreneur who lit up his life through his Never-Back-Down attitude

April 21, 2022
KGF Star Yash in Conversation with Anchor Anupam Anand

KGF Star Yash in Conversation with Anchor Anupam Anand

March 1, 2022
Choubey Ji is back with Season 2

Choubey Ji is back with Season 2

December 30, 2022

PrivateCourt is all set to revolutionize the concept of Online Dispute Resolution

1

FTV brings their First Beauty Pageant to India

1
Gaurav Bhatia Sotheby’s Ex MD Luxury Guru takes us through Luxury on the Table

Gaurav Bhatia Sotheby’s Ex MD, Luxury Guru, takes us through “Luxury on the Table”

1

One on One Coaching – Private & Confidential

1
Pan India Mission-'The Warrior Expedition 32/26'- Kicks off from Mumbai

Pan India Mission- ‘The Warrior Expedition 32/26’- Kicks off from Mumbai

January 27, 2023
Abdul Salam appointed as the NSUI Tamil Nadu Social Media Unit Head

Abdul Salam appointed as the NSUI Tamil Nadu Social Media Unit Head

January 27, 2023
Success Story of an Indian SEO Expert Lokesh Magarde

Success Story of an Indian SEO Expert Lokesh Magarde

January 27, 2023
Fan Frenzy, Players Auction at the Silver Oak Cricket Premiere League

Fan Frenzy, Players Auction at the Silver Oak Cricket Premiere League

January 27, 2023

Categories

  • Agriculture
  • App News
  • Astrology
  • Auto
  • Business
  • Education
  • Entertainment
  • Fashion & Beauty
  • Finance/Money
  • Food
  • Gadgets
  • Health & Fitness
  • Lifestyle
  • National
  • Photography
  • Politics
  • Press Release
  • Religion
  • Science
  • Social Work
  • Sports
  • State News
  • Tech
  • Travel
  • Uncategorized
  • World
ADVERTISEMENT

Pioneer News, digital news and story platform bring you the news, articles, stories, and opinions on the latest happenings worldwide covering various sectors like nation, politics, and governance, social sector, review, foreign affairs, defence and security, latest review, lifestyle, entertainment, sports, technology, auto sectors, education, business and start-ups updates, Agriculture, Science, finance, money, food, and culture, etc.

Categories

  • Agriculture
  • App News
  • Astrology
  • Auto
  • Business
  • Education
  • Entertainment
  • Fashion & Beauty
  • Finance/Money
  • Food
  • Gadgets
  • Health & Fitness
  • Lifestyle
  • National
  • Photography
  • Politics
  • Press Release
  • Religion
  • Science
  • Social Work
  • Sports
  • State News
  • Tech
  • Travel
  • Uncategorized
  • World
January 2023
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Dec    

Recent News

  • Pan India Mission- ‘The Warrior Expedition 32/26’- Kicks off from Mumbai
  • Abdul Salam appointed as the NSUI Tamil Nadu Social Media Unit Head
  • Success Story of an Indian SEO Expert Lokesh Magarde
  • Fan Frenzy, Players Auction at the Silver Oak Cricket Premiere League
  • OTM is back with its Grand Annual Edition
  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Follow on Google News

© 2021 Pioneer News.

No Result
View All Result
  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Home
  • Privacy Policy

© 2021 Pioneer News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In