The department has got important clues in the Income Tax raid on Bhutani Group which lasted for 6 days. More than two hundred and fifty officers were involved in this entire raid. The code name of the operation was ‘Mahakal’. In terms of evidence and tax evasion, this is one of the most successful income tax raids so far. It is being told that undisclosed income of more than Rs 1500 crore has been detected.
Let us tell you that the Income Tax Department had raided four builders (Bhutani Infra, Group 108, Advent, Logix) and two broker companies in Noida in the name of selling commercial space. In this raid, the officials got hold of two important pen drives, which were kept hidden by the company employees.
Important evidence found in pen drive
It was revealed in this pen drive that the company received unaccounted money in cash. The group had received Rs 429 crore in cash in the financial years 2019-20, 2020-21 and 2021-22. Data recovered from the pen drive revealed that the Bhutanese group had accepted unaccounted cash worth Rs.
Apart from this, statements of Prem Bhutani, Ashish Bhutani and group employees have been recorded. In the statement he acknowledged that the group has agreed to receive a cash component in the transaction. “Assured Cash Returns” and “Brokerage in Cash” were provided by the Group to its investors and brokers.
How was tax evasion done?
This entire game of tax evasion was played on ‘assured returns’. This is a type of attractive advertisement, in which the investor invests in the project and is guaranteed that till possession, he will be given this much amount per month towards the cost of the space. Which they used to show less in taxes. In this way tax evasion was done, the evidence of which is found in the agreement.
As per SEBI guidelines of ‘Assured Return’ The scheme is illegal and investors should avoid it. Are warned about. If sources are to be believed then the income The tax department will soon complete this matter with the director of the company. Can inquire into cases of tax evasion. Red’s 40 teams were deployed for this.
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