I-T Dept Detects Unaccounted Transactions of over Rs1,000 Crore from Gujarat-based Group
IANS 02 August 2022
The income-tax (I-T) department has said that its searches on a leading business group in Gujarat, engaged in textiles, chemicals, packaging, real estate and education sector, has led to detection of unaccounted transactions involving over Rs1,000 crore so far.
 
The searches, conducted at 58 premises spread over Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata, lasted for about four to five days, the I-T department said in a statement on Tuesday.
 
During the search, Rs24 crore in cash and Rs20 crore worth bullion (gold biscuits and other metals) and gold ornaments were also unearthed.
 
Officers have found that the group was booking profits by manipulating share prices of its own listed companies.
 
The officers have found substantial evidence in this connection.
 
For evading tax, the group was raising fake bills and making payments. Even in the real estate sector, benami transactions were found.
 
The company has created a shell company in Kolkata. In huge amounts, cash withdrawals were made and black money was generated. Even the group's public limited companies' account books are shady, the statement added.
 
Investigation is on.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
saharaaj
2 weeks ago
news about about this company has been splashing local newspapers why Money life is demurring in naming...?The amount mentioned is peanuts may not be one day turn over.after prudent checks. ...
MDT
Replied to saharaaj comment 2 weeks ago
Dear Sir/Madam
This is a newswire (IANS) feed. Also, the original release from the I-T department does not state any names.
jhawardeepak786
Replied to saharaaj comment 2 weeks ago
What's the company name .
Kamal Garg
Replied to jhawardeepak786 comment 2 weeks ago
Grapevine suggests it is Chiripal Group of Ahmedabad ?
jhawardeepak786
Replied to Kamal Garg comment 2 weeks ago
So Nandan denim is the company sir
WhatsApp banned over 22 lakh bad accounts in India in June
IANS 02 August 2022
Meta-owned WhatsApp banned more than 22 lakh bad accounts in India in the month of June in compliance with the new IT Rules, 2021, the company said on Tuesday.
 
The platform had banned over 19 lakh bad accounts in the...
LPG Subsidy Cut to Just Rs242 Crore in FY21-22 from Rs37,209 Crore in FY18-19: Govt
Moneylife Digital Team 01 August 2022
While the prices of liquified petroleum gas (LPG) are increasing unabated, the subsidy given on the refill has come down to just Rs242 crore (provisional) in FY21-22 from Rs37,209 crore in FY18-19, the Union government informed the...
Shiv Sena MP Sanjay Raut Sent to ED Custody till Thursday
IANS 01 August 2022

A special court in Mumbai on Monday sent Shiv Sena MP Sanjay Raut to the custody of the enforcement directorate (ED) for three days, till Thursday, in a money laundering case arising out of the Patra Chawl land scam.

Special...

PM Modi Launches NSE IFSC-SGX Connect, IIBX at GIFT City
Moneylife Digital Team 30 July 2022
Prime minister (PM) Narendra Modi laid the foundation stone of the headquarters building of the International Financial Services Centres Authority (IFSCA) in GIFT City at Gandhinagar.
 
He also launched National Stock...
Free Helpline
Legal Credit
Feedback