The income tax department stated that it conducted searches and seizures on the premises of 20 companies in Maharashtra, Gujarat and Delhi on November 16, and confiscated approximately 6.6 million rupees of unaccounted cash and “restricted”. Bank account” with a total amount of 28 rupees crore
“These companies are engaged in the business of chemicals, ball bearings, mechanical parts, etc.” A large amount of criminal evidence in the form of digital data was seized, indicating that these companies earned huge amounts of unaccounted income. These companies have been found to evade tax by manipulating account books,” the Ministry of Finance said in a statement.
It cited their book and added that they revealed that in the past two years, these companies have used the shell company network to transfer approximately Rs. 200 crore of funds to neighboring countries.
The statement stated that one of the chemical trading companies was found to file a procurement claim through the Marshall Islands, which is a low-tax jurisdiction.
Read More At : Hindustan Times