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The Income Tax Department has raided two groups in Punjab.

Income Tax Raid In Punjab : The Income Tax Department has raided two groups in Punjab. Action was taken on the first group on October 21, which is engaged in the cycle business. The group is accused of hiding income through intra-group transactions in its own companies. There is an allegation of receiving money in the form of cash in return for the goods sold by this group, the company has also hidden the turnover through cash transactions.

Based on the seized documents, the tax department found that the company has not declared an annual income of Rs 90 crore. Incriminating documents related to the undeclared sale of junk have also been seized during the raid. The searches also revealed undisclosed investments in immovable properties by the members of the group. The Income Tax Department has detected undisclosed income of Rs 150 crore in raids. During the raid, Rs 2.25 crore in cash and Rs 2 crore gold have also been confiscated.

Disclosure of getting Rs 200 crore in cash in 5 years

The second group raided by the Income Tax Department in Jalandhar is engaged in providing immigration as well as study visa related services to students. The search operation in this group was started on 18.10.2021. In the raid, Income Tax has come to know that this group used to take a package of between Rs 10 lakh to Rs 15 lakh per student from the students getting education abroad. Almost the entire receipts of this group.

This group has received Rs 200 crore in the form of cash in the last 5 years. It has also been found that the bank accounts of the employees have been used to receive money, which was later withdrawn in cash. The profit earned from such receipts has never been disclosed in the income tax return. Only commissions received by group members from foreign universities are shown as receipts in the income tax return. The Income Tax Department has detected undisclosed income of Rs 40 crore in the raid. During the raid, cash worth Rs 20 lakh and jewelery worth Rs 33 lakh have been recovered from this group. Income tax department’s action is going on on both the sides.

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