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Mumbai

Updated on: Wednesday, November 17, 2021, 12:23 AM IST

Rs 200 cr unaccounted income detected in raids on Pune firm

The assessee firm, which manufactures excavators, cranes and concrete machinery used in mining, piling and port work, has so far admitted to unaccounted income of Rs 120 crore.
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The Income Tax (IT) department carried out a search and seizure operation on November 11 on a machinery manufacturing group in Pune and detected unaccounted income of over Rs 200 crore. In the operation, the IT department also seized cash and jewellery worth over Rs 1 crore. Officials have placed three bank lockers of the firm under restraint. The assessee firm, which manufactures excavators, cranes and concrete machinery used in mining, piling and port work, has so far admitted to unaccounted income of Rs 120 crore.

IT sources said the search operation covered around 25 locations across seven cities in India. Officials said documents and materials seized in the form of electronic data show that the assessee had been suppressing profits by artificial lowering of sales through credit notes, bogus claim of expenses through unsubstantiated trade payables, non-genuine claim of expenses on unused free-of-charge services, non-verifiable commission expenses to related parties, wrongful deferment of revenue and incorrect claims of depreciation.

An official said evidence of cash receipts by dealers/brokers, unaccounted investment in properties and unaccounted cash loans have also been found and seized.

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Published on: Wednesday, November 17, 2021, 12:23 AM IST
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