The Income Tax department has detected “undisclosed” income of more than Rs 1,200 crore after it recently raided four separate Uttar Pradesh-based groups engaged in manufacturing agro food products.
I-T sources added that another Rs 1,000 crore in cash has been withdrawn from various dummy bank accounts. The sources in the department added it to be a record of sorts by the I-T investigation team of Uttar Pradesh.
The raids — carried out at over 40 premises in districts of Bareilly, Unnao and Lucknow — were going on from December 20 and culminated on Saturday.
The I-T sources said that the raids were conducted at Mohammad Salim’s company Rustam Foods Pvt Ltd, Bareilly’s Al Sumamo Agro Food Pvt Ltd, Rehbar Food Industries Pvt Ltd and Mohammad Salim Qureshi’s Marya Frozen Agro Food Products Pvt Ltd in Lucknow and Unnao, along with their several partners.
Moreover, the I-T department has sealed flats in Shalimar Grand and a villa in Shalimar Paradise belonging to Shakeel Qureshi who is partners with Salim’s firm.
Sources said that the businessman and his partners had through different ‘dummy bank accounts’ misappropriated crores for over a period of three years. Evidence has been found indicating suppression of huge income on account of sharing of profits in joint ventures, which is not reflected in the regular books of accounts. Several “bogus” entities were being used for claiming bogus purchases and sub-contract expenses.
Preliminary examination of seized documents and digital devices indicates that these groups have been “suppressing” their taxable income by claiming bogus purchases and expenses in their books of account over the last few years.