New Delhi : The Income Tax department suspects possible tax evasion by defaulters of the National Spot Exchange Ltd (NSEL) as it has found that stocks projected by most of them are forged and over-reported, sources told PTI. 

The department, on August 22, had conducted nation-wide searches on the business premises of about two dozen members of the NSEL.
“Stocks shown in the cases of defaulters on record in NSEL-accredited godowns is found to be non-existent or short in maximum number of cases,” sources said. Most of the bill-books, accounts and ledgers of these store houses, sources said, have been found to be forged and under-reported which is a clear case of tax evasion.
The I-T department will now issues summons for production of additional documents to these entities soon as further probe is on, they said. The department suspects the account books were fudged to dodge the tax net and present a fake picture of activities at these business entities, sources said.
The I-T searches were conducted in cities like Mumbai, Hyderabad, Ahmedabad, Kolkata, Nagpur, Jaipur and few other locations.

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