It added that it was found that transactions with their Chinese counterparts took place through the V-Chat app.
The CBDT said on Saturday that the Income Tax Department has unearthed undisclosed income of more than Rs 200 crore after raiding some dealers involved in the mobile accessories business by allegedly importing “under-invoices” from China.
“This operation has shown that the entire area of trading in mobile accessories is largely unaccounted for. The main components are imported from China through the Mumbai and Chennai ports. “” The search has revealed that dealers are primarily evaluating sales and purchases, “it said.
It added that it was found that transactions with their Chinese counterparts took place through the V-Chat app. “The department has recovered V-Chat messages using forensics. The pieces of information are being verified and matched to extract information about the quantity and cost of Chinese imports. “In this action, an unaccounted amount of ac 5.89 crore has been seized so far. The discoveries so far have revealed undisclosed income of about “270 crores. The statement said that it was an exercise in valuing unaccounted stocks.
The statement said that these groups import goods from China and sell these goods to various parties across India. Imports have been under-invoiced and payment is made through hawala channels.
The CBDT said the search dogs have found 13 secret warehouses with no-account stock and are being invented and are under evaluation. It has been claimed that the evidence of unaccounted investment in assets worth ₹ 40.5 crore has been traced by the said dealers.
The department also recently conducted a search against a major builder based in the capital city of Maharashtra.
The real estate group is developing a commercial mall, which has 950 units exclusively for the mobile accessories business. “About 905 of these units have been sold since 2017. The evidence placed at Pen Drive in the discovered premises has revealed that the builder group has taken an amount of Rs.150 crore over and above the value of the agreement, which is not accounted for in the books of accounts on sale. Of such units, ”it alleged.
It has been claimed that an amount of ₹ 70 crore has been found in the pen drive related to the residential-cum-commercial project.
Cash of ₹ 5.50 crore was found and seized from various campuses of this group. It states that money receipts for sale of shops / flats have been confiscated by the builder in various projects recorded in digital form.
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