I T raids 50 places in crackdown against tax evasions of Rs 100 cr

Source: The Hitavada      Date: 07 Apr 2017 11:52:33


NEW DELHI,

Apr 6,

(PTI),

THE Income-TaxDepartmenton Thursday conducted searches at over 50 locations as part of its crackdown againsttaxevasion to the tune of over Rs 100 crore, its first major action after the black money disclosure window of PMGKY ended recently. Officials said the first set of raids are being conducted against an Ahmedabad-based real estate and infrastructure player. Tax sleuths, they said,have visited30 locations in cities like Rajkot, Mumbai, Delhi, Hyderabad and Ahmedabad as part of this action and multiple entities and people have been brought under the action.

This isthefirstmajorI-Taction afterthe black money window of the Pradhan Mantri Garib Kalyan Yojna (PMGKY), announced by the Government for stash holders to come clean post-demonetisation, came to a close on March 31. The window had allowed black money holders to declare their illegal wealth by a paying a tax and penalty of about 50 per cent on the un disclosed income. Officials said the taxman had inputs about the said company taking ‘bogus’ entry deposits through alleged shell firms and operators based in Mumbai and Kolkata for fake sub-contract charges and various other expenses totalling over Rs 100 crore.

A similar search has also been conducted in atleast 19 locations in and around Pune against a corporate group engaged in “processing and trading of agricultural commodities”. Officials did not identify the groups stating that the action is still ongoing. A senior officer of the department said that with the closure of the PMGKY window, allthose caseswhere blackmoney and tax evasion has been detected will be covered aggressively by such actions. The collections and declarations under the PMGKY have not been as huge and enthusiastic for the department as the similar black money window of Income Disclosure Scheme (IDS) that had fetched Rs 67,382 crore worth of disclosures. While there is no official comment from the Income Tax department orits policy-making body, the Central Board of Direct Taxes (CBDT) on the total PMGKY declarations, officials indicated it to be around a little over Rs 3,000 crore