Income tax department searches laptop agency, finds large-scale under-invoicing of imports | Latest News India

The Income Tax Department (ITD) carried out a search and seizure operation on a number of electronics importers and merchants within the National Capital Region, Haryana and West Bengal which commenced on October 10, 2021, stated the Central Board of Direct Taxes (CBDT) on Saturday

The Income Tax Department (ITD) carried out a search and seizure operation on a number of electronics importers and merchants within the National Capital Region, Haryana and West Bengal which commenced on October 10, 2021, stated the Central Board of Direct Taxes (CBDT) on Saturday.

“The evidence found and seized during the course of the search reveals that the payments for such under-invoiced goods to the foreign cosigners have been made through hawala channels,” said the press launch issued by PIB.

During the I-T department’s search, compromising paperwork, diaries and digital data had been discovered, revealing that the group is neck-deep into “large scale under-invoicing and wrongful declaration of goods imported by it.” Apart from this, proof of unrecorded transactions, bogus loans had been taken and unaccounted investments in properties had been additionally gathered within the search. Imports price 20 crores had been declared on the port of entry prior to now three years, nevertheless, the estimated worth of the imports is probably greater than 2,000 crores. 2.75 crores in money had been additionally discovered, which has been unaccounted for.

Moreover, whereas probing containers on the Kolkata Port, a invoice lading declared the products as “HDMI cables” price 3.8 lakhs was discovered, nevertheless, upon additional investigation, “the actual goods imported are high-value items like laptops, mobile phones etc which are valued at 64 crores,” said the press launch.

Lastly, the assertion means that the illegitimate wealth “has been used for acquisition of high-value immovable properties, disguising of cash introduced in the form of bogus rental income, bogus unsecured loans and deposits in foreign bank accounts.”

Close Story

Exit mobile version