In a series of surveys conducted on February 12, the Income Tax department has revealed significant tax evasion amounting to over Rs 50 crore. The surveys took place at three locations: two in Bhopal and one in Gwalior, specifically targeting the Shri Maa Group and Shapers Construction in the Govindpura area of Bhopal, along with Parivar Group Hospital in Gwalior.
Shri Maa Group: Unearthed Irregularities
The Shri Maa Group operates in the wholesale distribution of mobiles, carbon credits, manufacturing of almirahs, trading in plastic granules, trading in white goods, and selling mobile charge vouchers, primarily within Madhya Pradesh. As a wholesale distributor, the group purchases bulk items directly from manufacturers and sells them to local dealers. However, they failed to justify the expenses claimed in their financial records.
As a result of the investigation, an additional total income of Rs 6.20 crore was surrendered across several companies of the group, including Shri Maa Marketing Private Limited, Polyshri Private Limited, and Oyu Green Private Limited. The group has committed to paying additional tax on the surrendered income before the deadline.
Shapers Construction: Financial Discrepancies
The Income Tax department also surveyed Shapers Construction Limited, located in Punjabi Bagh, Govindpura, which engages in government contracts, sand, and stone mining. The survey uncovered long-standing sundry creditors amounting to Rs 7,26,81,332 for both Shapers Construction Limited and Rockbed Renovations Limited. When questioned about the prolonged outstanding liabilities, the assessee acknowledged that the sundry creditors were ceased liabilities and reported them as income under the category of ‘Sundry Creditors Written Off’.
In addition, the survey revealed various discrepancies related to the expenses incurred by Shapers Construction Limited that the taxpayer could not explain. Consequently, an extra income of Rs 7,79,19,734 was admitted as unverifiable expenses, culminating in a total disclosure of additional income amounting to Rs 15,06,01,066. The assessee has also pledged to pay the additional tax on this surrendered income.
Parivar Super Speciality Hospital: Unaccounted Transactions
The I-T department extended its investigation to include a group operating under the name of Parivar Super Speciality Hospital, one of Gwalior’s largest private super specialty hospitals. The survey encompassed six premises, including pharmacies and diagnostic centers. During the investigation, a substantial amount of unaccounted cash receipts and transactions outside of the official account books was discovered. The total amount of unexplained and undisclosed receipts and expenses for the entire group exceeded Rs 30 crore.
This extensive investigation paints a clear picture of tax evasion practices being conducted in the region, highlighting the ongoing efforts of the Income Tax department to ensure compliance and accountability among businesses.