Income Tax (I-T) Department launched a raid on Surana Jewellers in Nashik, in response to alleged undisclosed transactions by the proprietor on May 26, as per an ANI report.
About ₹26 crore in cash and documents of unaccounted wealth worth ₹90 crore have been seized in raids carried out by the I-T Department, it added.
The Income Tax department carried out a raid at a transport company situated in Transport Nagar on Wednesday. The operation at Ludhiana Kolkata Transport extended late into the night.
Accompanied by security personnel, officials from the income tax department arrived in the city early in the morning and initiated search operations at eight locations, including the company’s office in Transport Nagar and the owner’s residence in Aggar Nagar.
The raid is suspected to be linked to tax evasion, with officials gathering documents and scrutinizing all records.
According to sources familiar with the situation, the company is owned by Charan Singh Lohara, who had previously held the position of chairperson at the All India Motor Transport Congress. Lohara is known to have close ties with Simarjit Singh Mann, a member of Parliament (MP) and the chief of Shiromani Akali Dal’s (SAD) in Amritsar.
WATCH | Ballari, Karnataka: Police seized Rs 5.60 crore in cash, 3 kg of gold, and 103 kg of silver jewellery with 68 silver bars. One person has been taken into custody and is being interrogated. Further details awaited: Police
The Income Tax department carried out a significant crackdown in Ahmedabad today, conducting raids on the residences and offices of well-known dairy and hotel groups. Approximately 75 I-T officers from the investigation wing executed the operation at nearly 13 locations across the city.
Insider sources disclosed that the raids targeted the Gopal Dairy and Riverview Hotel groups, both led by Nishit Desai, Gaurang Desai, and their business associates. The I-T department suspected large-scale irregularities involving benami transactions, thus prompting the search and seizure operation.
Understanding Benami Transactions
Benami transactions involve the purchase of property or assets in the name of someone other than the actual owner, often used to conceal wealth or evade taxes. The I-T department anticipates discovering a significant network of such benami transactions conducted by the targeted groups through these raids.
At the time of this report’s filing, the searches are still ongoing across the 13 locations in Ahmedabad. The department has not disclosed the specifics of the seized documents or recovered assets. However, it is expected that a substantial disclosure of benami holdings will surface in the coming days. This raid represents a firm stance by the Income Tax department against financial irregularities within prominent business establishments in the city.
Income Tax Department Seizes Cash and Gold Worth Crores from Chennai Jewellery Making Units
In a recent operation, income tax authorities in Chennai’s Park Town seized a substantial amount of assets from two jewellery making units. The raid resulted in the confiscation of Rs 1.25 crore in cash and five kilograms of gold bullion, valued at Rs 3.25 crore.
Prompted by intelligence suggesting the illicit exchange of smuggled gold for cash in Park Town, income tax officials swiftly conducted searches at two units located in Edapalayam Street. The operation culminated in the discovery and confiscation of the aforementioned cash and gold.
Notably, the individuals present at the units lacked legitimate documentation for the aforementioned assets, leading to their seizure by the authorities.
The Income Tax Department has initiated raids at the residence of Swarup Biswas, a prominent member of the Trinamool Congress and the brother of West Bengal Minister Aroop Biswas. The raids are in connection to allegations of extortion, tax evasion, and undisclosed wealth involving two construction companies.
The ongoing raids are taking place at five locations in Kolkata, including Swarup Biswas’s residence in New Alipore and his wife Jui Biswas’s office. Jui Biswas, who is a local Trinamool Congress councillor and party spokesperson, is also under scrutiny. Additionally, the office of one of the construction companies, located in Kolkata’s Parnashree area, is being investigated as well. Sources have revealed that Swarup Biswas’s association with the construction companies led to the initiation of these raids. At present, both Swarup and Jui Biswas are being questioned, and the documents seized during the raids are being thoroughly examined by Income Tax Department officials.
Anti Corruption Branch of CBI Lucknow caught Income Tax Officer Nitish Shukla and employee Alok Kumar posted in Fatehpur red handed while taking bribe. The team arrested both of them and took them with them to Lucknow. This action was taken on the complaint of Ranjita Dubey, a resident of Baghbadshahi Khajuha, Fatehpur. Actually, Rs 25,000 was being demanded as bribe from the complainant. There was a threat of filing a false report if it was not given.
Complainant Ranjeeta Shukla had told that a bribe of Rs 25 thousand was being demanded by Income Tax Officer Nitish Shukla and Steno Alok Kumar, while if the bribe was not paid, they were threatened with false report and imposition of fine. During the conversation, the officer reduced the bribe amount to Rs 20,000. Ranjita had complained about this to CBI. After which the anti-corruption team arrested both of them red handed.
An FIR was registered against both of them on Friday under Section 120B of the IPC and Section 7 of the Anti-Corruption Act 1988 (amended in 2018). Ranjita has said in the complaint that she runs the Customer Service Center (CSP) of SBI and fills the ITR of CSP accounts on time. Income Tax Officer Nitish Shukla sent him a notice under section 148A, to which he replied on time. Despite this, a bribe of Rs 25 thousand is being demanded by Nitish Shukla and Alok Kumar of the Income Tax Office. False reports and threats of fines are being made if bribe is not paid.
Income Tax officials conducted a raid at properties associated with Rashtriya Janata Dal (RJD) MLC Vinod Jaiswal due to an alleged tax evasion case. Jaiswal, who is close to party leader Lalu Prasad, was not present during the raid.
The RJD spokesperson criticized the BJP-led central government for the raid, accusing it of using agencies like the ED, CBI, and I-T Department against those it fears.
The Income Tax Department on Friday seized Rs 4.5 crores after raids on the premises of a Kanpur-based tobacco company, sources confirmed. Authorities also found a number of high-end vehicles in the Delhi residence of the business’s owner, including a Rolls-Royce Phantom, McLaren, Lamborghini, and Ferrari, all valued at over 60 crores.
The authorities are looking into the bank transactions and property records of this businessman KK Mishra, popularly known as Munna Mishra.
The department launched raids on the owner of Banshidhar Tobacco Company in Kanpur. Similar searches were carried out by 15 to 20 teams in five states, including Delhi, Gujarat, and Andhra Pradesh, on the properties of individuals connected to the corporation.
As per sources, the tobacco company issued fake cheques to several companies mentioned in its accounts while supplying products to other suppliers. The tobacco industry, which provides raw materials to other businesses, is accused by the Income Tax Department of widespread tax and GST evasion.
From the businessman’s residence, authorities also retrieved expensive motorcycles. The last four numbers on the bike’s license plate match those on one of his high-end vehicles. Mishra’s business is almost 100 years old and he also has an office in Nayaganj.
Mobile phones of the employees were confiscated by the police, and paper as well as digital documents were seized.
Cash and jewellery amounting to more than Rs 7 crore have been seized so far during ongoing Income Tax Department raids on a Kanpur-based tobacco baron.
Tax evasions worth more than ₹100 crore by Banshidhar Tobacco Company and its affiliate firms were unearthed during the income tax department’s raids across Kanpur, Delhi and Jhansi on Thursday and Friday, according to people aware of the details.
Nearly ₹7 crore cash, along with a fleet of luxury cars like Lamborghini, McLaren, Ferrari and Rolls Royce, belonging to Banshidhar Tobacco Company owner KK Mishra, and estimated to be valued at ₹60 crore, were seized during the searches.
Authorities are currently investigating whether these vehicles were purchased through anonymous channels or omitted from the company’s financial records, sources said.
The raids also shed light on tax evasion and illicit financial activities in the region. In last two years, raids on Ghana Ram Group blew the lid off tax evasion of ₹800 crore, while a similar raid in Kanpur in 2023 exposed tax evasion worth ₹1500 crore by Radhey Shyam Purshottam Dass jewellers.
In a shocking incident in Surat, a diamond trader fell victim to a daring heist orchestrated by a man posing as an income-tax officer. The incident took place in the Katargam area, where a man, later identified as Ramkumar Yadav, intercepted the trader’s car and proceeded to loot a staggering Rs 8 crore in cash.
The trader, accompanied by four employees, had just retrieved the substantial amount from the firm’s locker and was en route when they were ambushed. The fake officer coerced the individuals into the car at gunpoint and directed the driver to continue. As the journey progressed, he released two of the employees at different locations before absconding with the car, leaving the victims bewildered.
Law enforcement swiftly responded to the scene, initiating a comprehensive investigation and reviewing CCTV footage to identify the perpetrator. Prompted by the audacious nature of the crime, authorities are delving into various angles, including a thorough scrutiny of the firm’s involvement and the possibility of an inside job.
This brazen act has sparked significant concern and drawn vital attention to the security measures surrounding such high-value transactions. As the investigation unfolds, the authorities are determined to uncover the truth behind this elaborate scheme and bring the perpetrators to justice.
Stay tuned for further updates on this developing story.
This post has been generated by an AI assistant for informational purposes only. Any inquiries regarding the ongoing investigation should be directed to the relevant authorities.
The income tax department’s investigation into Alkem Laboratories revealed large-scale tax evasion by the company. The investigation involved surveys, statements from officials, and scrutiny of data and balance sheets.
Allegations include bogus deductions for manufacturing units in Sikkim amounting to over Rs 1,000 crore, and payments to doctors for prescribing company-made drugs, totaling hundreds of crores. The probe is expected to result in heavy penalties for Alkem Labs.
Income Tax Department conducts search operations in Chhattisgarh: Income Tax Department initiated search and seizure operations in the case of a Politically Exposed Person (PEP), his close associates and few Government officials on 31/01/2024. One of the close associates of the PEP is engaged in the business of real estate. The search operation covered more than 25 premises spread across Raipur, Surguja, Sitapur and Raigarh districts of Chhattisgarh.
During the course of the search operation, numerous incriminating documents, loose sheets and digital evidences have been found and seized. These evidences reveal the modus-operandi of tax evasion and other dubious practices adopted by these persons. Preliminary analysis suggests that these persons have received ill-gotten money in lieu of grant of undue favours to different persons in Government related works.
Incriminating documents recovered during the search, contain details of ill-gotten money of approximately Rs.13 crore, received in cash by the said PEP, through his close associates. Further, evidences seized suggest that this ill-gotten money has been invested in real estate through the associates of the PEP. Similarly, evidence of payment of on-money in purchase of real estate to the tune of approximately Rs. 3 crore and evidence of unaccounted cash expenditure of more than Rs. 8 crore, made by the associates of the PEP, in the real estate business have also been found. The veracity of such evidences has also been buttressed by the statements of close associates of the PEP and their employees, wherein they have admitted the above malpractices.
Further, incriminating documents related to illegal grabbing of land by the close associates of the PEP have also been found. The farmers and the affected persons whose lands have been transferred in such manner, have also admitted in their statement(s) that the said land transactions were completed under the undue influence of the PEP. Similarly, undue influence of PEP was also utilized by his associates in getting the permission for purchase of ‘Punarwas Patta’.
Issues related to mismatch in turnover vis-à-vis bank credits have also been detected from the factory premises owned by the spouse of the PEP, who is running a manufacturing concern of Hume Pipes.
The search operation has resulted in seizure of unaccounted cash and jewellery exceeding Rs. 2.50 crore.
Further investigations are in progress.
Officials of the Income Tax department on Thursday, February 8, raided the home of former Mumbai police officer Pradeep Sharma. Initial reports said the IT officials searched Pradeep Sharma’s residence in Mumbai’s Andheri area in connection with a tax evasion case. Popularly known as “encounter specialist”, Sharma was earlier arrested in connection with the sensational Mansukh Hiran murder case.
A SUV laden with gelatin and a death threat to the Ambani family was found abandoned near the Antilia building on February 25, 2021, and on March 5, the vehicle owner Hiran was found dead in the Thane Creek.
The National Investigation Agency (NIA), which took over the probe from Maharashtra Police and arrested Sharma in June 2021, contended that he allegedly conspired with another sacked policeman Sachin Vaze to finish off Hiran, considered a “weak link” in the entire conspiracy to terrorise the Ambanis family.
IT Raids On Former MP Ramesh Dubey:
In addition to the raid at Sharma’s house, IT officials also searched the residence of former MP Ramesh Dubey and his real estate developer son. Ramesh Dubey is former Maharashtra minister and ex-MP from Uttar Pradesh.
Bhilai: Income tax raids took place early in the morning in many districts of the state, including the famous builder Ajay Chauhan of the district. Those close to former ministers are on target. Income tax officials of Chhattisgarh and Madhya Pradesh are included in the raid. The team has raided the house and other places of Chauhan builder, one of the biggest builders of the state.
Actually, there was a wedding ceremony on Sunday night at Chauhan Imperial in Bhilai. This morning, as soon as the Income Tax team arrived in suits, people thought that a wedding party had arrived. When the officials introduced themselves at Chauhan Imperial, everyone was stunned. The team has called Ajay Chauhan’s employees and started questioning. The mobile phones of everyone present there have been confiscated.
IT has raided builders and businessmen in Korba including Bhilai Raipur and Rajnandgaon. A large team of about two hundred officers and employees have surrounded them. In Bhilai and Raipur, the houses of close relatives of former ministers are being investigated by the Income Tax Department. There is a possibility that the money of these ministers is invested in the houses of these close ones. At present the investigation is at the initial stage and more information will be available by evening. The team was dispatched from last night itself. This includes officers of MPCG Circle.
It is noteworthy that the Income Tax team has also raided the house of former Chhattisgarh minister Amarjeet Bhagat. He is said to be close to former CM Bhupesh Baghel.
Income tax searches continued for a third day at multiple locations linked to Sundargarh-based businessman Ghanshyam Dalmia. On Saturday, I-T officials questioned Dalmia’s son Abhisek about the alleged tax evasion.
Sources said search is in progress at 10 places linked to Dalmia in Sundargarh, Rourkela, and Bargarh. The teams are also simultaneously carrying out search operations at 30 places in other states.
Although I-T officials are tightlipped about the search operation, sources said about Rs 2.5 crore has been seized so far and the money has been deposited in the SBI main branch branch in Sundargarh on Friday. Besides, 3kg gold has also been seized, sources said.TNN
The Income Tax (I-T) department constituted 40 teams comprising as many as 250 officials to conduct searches at spots linked to four Noida-based construction groups, including, Bhutani Infra, Group 108, Advent, and Logix, over tax evasion charges.
After conducting a 6-day search at all spots linked to the companies, the I-T officials recovered unaccounted cash worth over Rs 1,500 crore.
The Income Tax department has named the operation ‘Mahakal’, which targeted the four companies that were evading tax while selling commercial spaces. The I-T officials also raided two broker companies.
Officers discovered two pen drives hidden by employees of Bhutani Group, which contained information about the company receiving a huge amount of cash.
In the financial years 2019-20, 2020-21, and 2021-22, the group received cash amounting to Rs 429 crore. Data obtained from the pen drives revealed that the Bhutani Group had accepted an unaccounted-for cash amount of Rs 595 crore from the financial year 2019-20 until now.
Also, officials recorded statements of employees of Bhutani group. In their statements, the key individuals admitted to accepting cash components in group transactions. The group provided ‘Assured Cash Return’ and ‘Brokerage in Cash’ to its investors and brokers.
The entire tax evasion revolved around the Assured Cash Return scheme. The enticing advertisement promised investors monthly payments towards the cost of space, ensuring them a substantial return until possession.
The scheme was used for tax evasion, as revealed in the agreements. As per the Securities and Exchange Board of India (SEBI) guidelines, the scheme is legal, and investors are advised to steer clear of it to avoid legal consequences.
The Income Tax Department in Guwahati once again raided several parts of the city on Wednesday.
As per sources, these raids were undertaken by the income tax department to address potential tax evasion.
According to information received the Income Tax department has launched a simultaneous raid at about 40 places in Guwahati. While raids are underway in several industries in Meghalaya as well.
Meanwhile, the IT department also raided three cement factories in Assam-Meghalaya along with the house of the owner of a cement factory.
Earlier in December 2023, The Income Tax Department conducted raids at three places in Guwahati, which include the residences and business establishments of businessmen Kailash Kabra, Rohit Daura and Vijay Jasrasaria.
According to information received Kailash Kabra is associated with the oil industry, Vijay Jasrasaria owns a hotel business, and Rohit Daura is the proprietor of Guwahati Central.
Income Tax (I-T) officials searchedthe premises of a company which is intomanufacture and sale of wires, cablesand fast moving electrical goods alongwith its distributors recently and found thecompany has made unaccounted cashsales of around Rs 1,000 crore. The I-Tsearched around 50 premises located inMumbai, Pune, Aurangabad, Nashik, Daman,Halol (Gujarat) and Delhi. Unaccountedcash exceeding Rs 4 crore, was seized andover 25 bank lockers “put on restraint”.”Preliminary analysis suggests that thecompany indulged in unaccounted cashsales, cash payments for unaccountedpurchases, non-genuine transport andsub-contracting expenses for suppressionof its taxable income” the I-T said in a pressrelease issued on Wednesday.
Shares of Polycab India closed 0.96% higher at Rs 4,914.00 apiece on the NSE, as compared with a 0.34% advance in the benchmark Nifty 50.
I-T dept raids Polycab, finds ‘unaccounted aRs 1,000cr sales
The income tax department has detected”unaccounted cash sales” of about Rs1,000 crore after raiding the Polycab group.Unaccounted cash of more than Rs 4 crorewas seized and more than 25 bank lockerswere put on restraint. The searches covered50 premises in Mumbai, Pune, Aurangabad,Nashik, Daman, Halol, and Delhi. PolycabaIndia issued a clarification denying thereports of tax evasion.
Once again a huge treasure of gold has been found in Rajasthan. When the Income Tax Department raided the premises of hoteliers in Udaipur, they were shocked to find several kilos of gold jewelery there. These Income Tax raids have revealed black money on a large scale. Income Tax Department has raided the locations of Fateh Group, Rockwood and ADM Group in Udaipur. A large amount of black money has also been found there along with jewellery. At the same time, manipulation worth crores of rupees in business has also been found.
According to Income Tax Department sources, so far about 9 kg of gold jewelery and black money worth Rs 3.30 crore have been seized in these raids. The value of the seized gold jewelery is more than Rs 5.50 crore. Documents of black money worth more than Rs 150 crore have been seized. Documents of black business have been seized from locations linked to Rockwood Group.
In this raid, a big black business has come to light in the name of Mumbai and Kolkata companies of this group. So far, documents of black business worth Rs 80 crore have been seized from there. Major evidence of black money transactions has been found in the diary seized from the premises of Rockwood Group. Income tax teams have now returned from locations associated with Rockwood Group. Income tax officials will now examine the documents thoroughly.
Income tax raids on Fateh Group in Udaipur have also revealed huge black money. Documents of black money worth Rs 28 crore have been seized from the hotel business of this group. Documents of black money worth Rs 20 crore have been seized from the mines business of Fateh Group. The Income Tax Department has also taken into its possession important documents of the client involved in the black business of the group.
Rs 11 crore black money recovered from ADM Group locations Money documents have been seized. Fateh and Income Tax Department also from the locations of ADM Group The teams have returned. Income tax officers now Are busy sifting through the documents. Income tax department According to the sources, based on the documents, Business links will be linked.
In the name of selling commercial space, a game of tax evasion is being played on a large scale through cash transactions by four builders (Bhutani Infra, Group 108, Advent, Logix) and two broker companies in Noida. Against which Income Tax had started search at 37 places in Noida, Delhi and Faridabad on Thursday, which has increased to 40 places on Friday.
In the search so far, Rs 2 crore cash and documents of giving cash loan of Rs 50 crore have been seized from the builders’ premises. Now this search is expected to drag on for a long time. It is becoming clear from the documents that the contract for selling Lajix Group commercial space on a large scale has been taken by the Bhutanese Group, in which everyone’s share is fixed. More than 400 personnel and officers of the Income Tax Department are engaged in this search. In this, search is going on at 21 places in Noida, 18 in Delhi and one place in Faridabad.
Tax evasion was a complete game in selling commercial space, 40 percent cash was taken
This entire game was done to sell the commercial plot space of Logix Group. Logix made an internal agreement with the Bhutanese group for this. Under which Bhutanese started selling this space. Most of the money here was spent in black. In selling a plot, up to 40 percent of the amount was taken in cash. Which has neither any solid document nor any legal document. In this commercial space, famous people spent their black money in Bhutan. The Income Tax Department received this information.
Joined hands with Bhutanese to repay loan of Rs 2000 crore
According to the source, Logix Group took a loan of about Rs 2000 crore from India Bulls. After this loan, he took five to six plots in Noida. These plots were for office commercial space. Construction was started here but after half-completed construction, Logix stopped the work. On the other hand, there was constant pressure from India Bulls to collect the loan. Due to which Logix signed an agreement with Bhutanese Group. Under which the Bhutanese group will build and sell their commercial space. Gradually the loan money will be given to Logix. This also happened. But most of the game here was done by tax evasion.
Income tax received first input in February 2022
One and a half years ago, in February 2022, the Income Tax Department received the first input. After this he started scanning the documents. During this time he got information that the Bhutanese group was divided into two parts. First Bhutani Infra and second Group 108. Both of them are two parts of one mother company. Their money was also invested in this commercial space. Similarly, Advent Builder also used to work in collaboration with Bhutan earlier. His money is also invested in this. In such a situation, a search was conducted on these four builders together.
Rs 2 crore cash received so far
In this search, so far around Rs 2 crore cash has been found from different places in Noida. It is estimated that the cash may increase because many drawers have not been opened yet. Apart from this, many locations were changed. That is, these people have created new hideouts around the location which the department got. Now search is being done there also. Apart from this, documents of tax evasion i.e. raw bills worth Rs 50 crore have been found. This amount is from the sale of commercial space.
Income Tax Department conducts search operations in Odisha, Jharkhand and West Bengal: Income Tax Department conducted a Search & Seizure operation on a group, engaged in the business of manufacture and sale of country liquor, grain-based alcohol, bottling of foreign liquor, running hospitals and educational institutions, etc. on 06.12.2023. This operation covered more than 30 premises spread across 10 districts in the States of Odisha, Jharkhand and West Bengal. The business of the group is controlled by a family based in Ranchi, Jharkhand. One of the family members of the group is also a Politically Exposed Person residing at Ranchi.
During the search operation, a large number of incriminating evidence in the form of documents and digital data has been found & seized. Preliminary analysis of seized evidence reveals records of unaccounted sales of country liquor, systematic details of undisclosed cash receipts and references for movement of unaccounted cash. The main employees looking after the business activities of the group, have admitted that the cash found and seized during the search operation, represents the unaccounted income of the group, generated through its multiple business concerns. This was also corroborated by one of the family members who is actively involved in the business. The facts unearthed during the search operation indicate that the group has been indulging in huge suppression of income earned from the liquor business.
The search operation has also resulted in seizure of undisclosed cash amounting to more than Rs. 351 crore and unaccounted jewellery exceeding Rs. 2.80 crore. A substantial part of the cash, to the tune of Rs. 329 crore, was unearthed and seized from obscure & dilapidated buildings, hidden chambers and hidden safe-house camouflaged as an unoccupied/nondescript residence located in small towns of Odisha including Sudapada and Titlagarh in Bolangir District and Khetrajrajpur in Sambhalpur District.
Further investigations are in progress.
Read more at: Income Tax Dept Raids Kolkata based groups in West Bengal, seizes unaccounted Cash 75 lakh & jewellery valued 2.26 crore
If an error is found in your filed ITR, the income tax department can send you an income tax notice. According to tax experts and chartered accountants, there are broadly six types of income tax notices that a salaried individual may receive from the income tax department.
Read below to find out what are the different types of income tax notices that you may receive.
This notice is sent to an individual after the income tax department processes the ITR. The notice informs an individual whether his ITR calculations match with that of the income tax department. If there is a mismatch, then this intimation notice will inform whether there is a refund due or additional taxes are payable. An individual will get this notice, even if there is no mismatch or error in the ITR.
When can this notice be issued: “The intimation notice under section 143 (1) will be issued within nine months from the end of the financial year in which the ITR is furnished under Section 139 or in response to notice under section 142 (1). For ITR filed for FY 2022-23 (AY 2023-24), the intimation notice will be issued on or before December 31, 2024,” says Manmeet Kaur, Principal Associate, Karanjawala & Co, a Delhi based law firm.
Time limit to respond: If the intimation notice is issued due to a refund or if there is no mismatch between you and the tax department’s calculation, then you do not need to respond. However, if there is a tax demand, the taxpayer is expected to respond within 30 days from the date of issue of intimation notice either agreeing/disagreeing with the adjustment proposed.
According to Archit Gupta, founder, Clear, a tax filing platform, “Notice under section 139(9) of the Income Tax Act, 1961 is sent when there are some errors in the filed ITR. The tax department will send this tax notice requiring the assessee to correct the errors by filing a revised ITR.”
Some of the common reasons to receive this income tax notice according to Gupta are as follows:
Tax exemption on house rent allowance claimed in the ITR but breakup of salary not showing HRA component.
TDS on income claimed while filing ITR but the same income is not reported. For example, salary from a previous employer is not reported in the ITR form but TDS has been claimed. Similarly, FD interest not mentioned in the ITR form but TDS has been claimed.
When can this notice be issued: According to Sanjoli Maheshwari, Executive Director, Nangia Andersen India, a business consultancy company, “Income tax notice under section 139(9) may be issued within nine months from the end of the financial year in which the return is filed.” Hence, for ITR filed for FY 2022-23 (AY 2023-24) (due date July 31, 2023), the tax department can issue a notice on or before December 31, 2024.
Time limit to respond: The tax notice will mention the due date by which an individual will have to respond. “Usually, the tax department allows individuals a 15 days’ period to respond,” says Gupta.
The reason this notice is issued is that the income tax department wants to seek clarification why ITR was not filed, despite the individual earning an income above the basic exemption and evidence of various sources of income being present in AIS, etc.
“Notice under section 142(1) may be issued to the assessee taxpayer requiring him to furnish tax return if no such return has been furnished under section 139(1),” says Dr Suresh Surana, founder, RSM India, a tax, audit and consultancy company.
“Further, such notice may also be issued requiring the assessee to produce accounts or documents required to make an assessment and furnish in writing any information on matters. For instance, a statement of all the assets and liabilities of the assessee,” says Surana.
“An individual will be required to answer all the queries raised by the tax department through notice issued under section 142(1) and provide the requisite details and documents asked in support of the claim made in the ITR filed within the time prescribed in the notice,” says Maheshwari.
When can this notice be issued: “There is no maximum time limit prescribed for issuing a notice under section 142 (1),” said Maheshwari.
Time limit to respond: The time limit for responding to this notice will be mentioned in the notice itself. According to tax experts, the income tax department usually allows 15 days to respond.
This income tax notice is sent to the salaried individual to do a detailed assessment of the ITR and confirm the correctness and genuineness of incomes and deductions claimed in the ITR.
“Notice under section 143(2) of the Income Tax Act, 1961 would be issued to the individual for the purpose of making scrutiny assessment under section 143(3),” says Surana.
“Usually, a questionnaire is attached in this type of notice along with the list of documents which is required to be submitted by an individual. Responding to the tax notice is an online process. This scrutiny process will go on till the time the income tax department is satisfied that all its questions have been answered by the individual truthfully and in a satisfactory manner. There is no clear saying when the income tax department will be satisfied.” says Gupta.
When can this notice be issued: According to Maheshwari, in case the ITR has been selected for scrutiny, then notice under section 143(2) can be issued “within three months from the end of the financial year in which the return is filed.” For FY 2022-23 (AY 2023-24), the tax department can send this notice on or before June 30, 2024.
Time limit to respond: The time limit to respond to such notice would be mentioned in the notice itself. All you need to do is submit your “response to the assessing officer by way of uploading the necessary documents,” says Surana.
“Generally, the time limit is 15 days to respond to scrutiny notice,” says Gupta.
This tax notice is issued when the assessing officer (AO) has any information which suggests that a certain income of an individual has escaped assessment in the previous year. This means that an individual has not reported certain income in the ITR filed in the previous year.
“Before issuing notice under section 148, the income-tax department will issue a show cause notice to the individual under section 148A(b). This show cause notice is issued to provide reasons why a particular ITR was selected for reassessment,” says Surana.
An opportunity will be given to individuals as to why reassessment proceedings should not be initiated. Based on the information provided by the individual, the assessing officer can either continue with the reassessment proceedings or dispose of the case.
When can this notice be issued: The time period for issuing a notice under this section depends on the amount of income that has escaped from assessment. The tax notice will be issued within 3 years from the end of the relevant assessment year if income is below Rs 50 lakh.
“However, if the income exceeds Rs. 50 lakh the reassessment of the ITR filed can be done up to 10 years from the relevant assessment year with the prior approval of specified tax authority,” says Surana.
For example, if an income has escaped assessment in FY 2016-17 (AY 2017-18) then the income tax department can send notice till FY 2025-26 (AY 2026-27) if the income exceeds Rs. 50 lakhs or more. If escaped income is less than Rs. 50 lakhs, the tax notice can be issued up to FY 2019-20 (AY 2020-21).
Time limit to respond to such notice: The notice will mention the time limit for response. Usually, the tax department allows 30 days to respond to the tax notice.
The income tax department has the power to set off income tax refunds due for a particular year against an outstanding demand of previous years. This adjustment only happens if there are outstanding income tax dues or tax refund due in the current year.
“An intimation notice under section 245 may be issued to the taxpayer in case the income tax department intends to adjust current year’s income tax refund with any of the pending tax demand of the taxpayer from the previous years,” says Surana.
If you have any objection to this notice, or you have already paid the outstanding demand, “then the taxpayer should submit a response providing evidence of payment and requesting the department not to make the proposed adjustment,” says Maheshwari.
“An assessee will have outstanding tax dues when he/she has missed the timeline to pay income tax dues. Here an assessee is considered as an assessee in default. As per section 222, tax recovery officers can issue notices to such assessee in default for recovery of unpaid demands. Such recoveries can be made from properties owned by such assessee in default, which may include but not limited to land, building, bank accounts, and income tax refunds too. Section 245 empowers the income tax department to make such recoveries from refund payable to an assessee,” says Chartered Accountant Mehul Aggarwal, Partner, J M K P & Co LLP, a Delhi based CA firm.
When can this notice be issued: “There is no time limit for issuing this tax notice under section 245. This means that if as per the income tax department, a taxpayer has an outstanding tax demand for FY 1999- 2000 (AY 2000-01), and for FY 2022- 23 (AY 2023-24) has a tax refund due, then tax officer can set off the refund with the outstanding demand,” says Maheshwari.
Time limit to respond: The time limit for responding to this notice will be mentioned in the notice. “Generally, 30 days from the date of issuing the notice is allowed to individuals to respond,” says Surana.
After you have responded to this tax notice, the income tax department will examine the reason for your objection or agreement with the tax demand in the notice.
“The Income Tax Act has specified time limits to issue a specific tax notice. Beyond the specified time limit specific tax notices should not be issued. However, in practical situations individuals get tax notices beyond the expiry of timelines. An individual must verify if the tax notice issuing time limit exceeded or not. It may happen that tax notice was issued before the expiry of the time limit. But it is doubtful if the tax notice was received by the individual on time,” says Aggarwal.
Income Tax Department officials on Thursday raided firms and residences of builders and architects in Kozhikode and Malappuram districts and claim to have found financial irregularities to the tune of Rs 200 crore.
As per reports, IT officials seized Rs 18 crore from the residence of the owner of Nirman Group at Manjeri in Malappuram.
Documents of illegal investments were also seized from the residence of Ganeshan, a builder from Kozhikode. The documents contained details of investments up to Rs 5 crore were seized from Ganeshan’s house.
Besides, around Rs 27 lakh was seized from architect Shabeer Saleel’s office, IT sources said.
The Income Tax Department is conductingsearches at the offices of Kishore Chhabriacontrolled Allied Blenders and Distillers Ltd.
The department has been conducting searchesthe premises of the Officer’s Choice Whiskymaker’s Mumbai premises since Dec. 11, peopleaware of the matter told NDTV Profit on thecondition of anonymity.
Confirming the development, the company, in astatement, said it is cooperating with theinvestigation officers.
Bikram Basu, chief operating officer, is present inthe company’s office in Mumbai’s Lower Parelalong with other key executives and directors ofthe company, the people quoted earlier said.
Besides Officer’s Choice, Allied Blenders and Distillers makes spirits including Sterling Reserveand Officer’s Choice Blue. The company’s networkincludes nine owned bottling units, one distillingunit and over 20 non-owned manufacturing units.
The Securities and Exchange Board of Indiaapproved the company’s maiden public offeringon Dec. 16, 2022. Companies have to come outwith a public issue within a year of receivingregulatory approval.
Allied Blenders and Distillers is looking to raise Rs.2,000 crore through its initial public offering.
Jaipur. The IT department has taken major action in Rajasthan. On Tuesday, the Income Tax Department conducted simultaneous raids at 16 locations across the state. Action is being taken against business groups associated with Pali and Jodhpur. Income tax investigation raid has been conducted on three business groups. It is being told that raids have been conducted on locations related to Gogar in Pali. Let us tell you that Gogar Group is in the business of dining and printing. Gogar Group does business under the brand name Pranjul Fashion.
The Income Tax Department has raided another businessman from Pali. IT raid has also taken place on Prem Cables and PG Foils. He has an aluminum products business in Pipliya Kalan, Pali. The Income Tax Department has also raided Uma Polymers Group of Jodhpur. It is being told that the raids may reveal black money on a large scale.
Major action was taken in Jaipur
Big revelation of distribution of black money for commission in Income Tax Department’s raid on locations associated with Nilesh Gadhia Group in Jaipur. The Income Tax Department seized the ledger book from the premises of Hariram Godara, a business associate of Nilesh Ghanshyam Bhai Gadhiya Group. In the ledger book seized by the Income Tax Department, it is written that Nilesh Gadhiya Group is carrying out government work in an irregular manner. The complete account of distribution of black money in bribery is recorded in the book. Hariram Godara Group operators had kept the account of distribution of commission in code words in the ledger. Income Tax Department officials first cracked the ledger with the help of software experts. After that, the complete record of bribery is being checked by breaking the code word recorded in the ledger.
Evidence of huge amount of commission being paid to government officials has been found in the accounts of transactions worth Rs 250 crore recorded in the ledger. These commissions have been reported to government officials in relation to issuing government tenders, doing illegal work to pass government tenders, passing bills for substandard construction materials and paying outstanding bills.
More than Rs 350 crore in cash has been seized so far in the ongoing Income Tax Department raid on the premises of Dheeraj Prasad Sahu, a distillery company owner and Congress Party Rajya Sabha MP in Odisha. Despite this, counting of notes is still going on. In such a situation, an important question is arising in everyone’s mind that confiscation of cash etc. is all right, but what happens to this money. Is this money returned back to the accused or is this amount deposited in the government treasury. In today’s story, let us discuss in detail the huge cash seized in Income Tax or ED raids and then the story of that money.
Who does the raid?
First of all let’s start with this question. Which agency can take action against illegal or black money in the country? There are three names in it. Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and Income Tax Department (IT). These three agencies are under the Government of India and if they have suspicion or concrete information, they can suddenly raid any person’s house or other locations. State governments have no role in this.
Where is the money kept
When CBI, ED or IT seizes cash in a raid, the first thing they do is ask the accused for information about the source of the money. When the accused fails to give satisfactory answers the cash is considered black money under the Prevention of Money Laundering Act. It is from here that the process of confiscating the cash is initiated. After this the agency sends a call to the nearest State Bank of India. With this, a complete detailed report of the seized cash is prepared. The bank starts the process of counting the notes. After the counting is complete, the notes are packed in boxes and sealed in the presence of impartial witnesses. Then it is taken to the SBI branch. There the entire amount is deposited in the personal deposit account of the agency. Later this amount is deposited in the account of the Central Government.
Use of cash
The point to be kept in mind here is that mere raid by the agency does not prove the accused guilty. The hearing of this entire case starts in the court. As long as the case is pending in the court, no one can use this money. After the court convicts the accused, the seized cash and valuables become government property. If acquitted in the case, all this money is returned to the accused.
Can you withdraw money by paying penalty?
Nothing can be said clearly about this. To understand this entire matter, we will have to discuss the raid conducted on Unnao perfumer Piyush Jain on 23 December 2021 and the cash worth Rs 196 crore and gold worth billions of rupees seized in it. However, according to the recent report, Piyush Jain has got bail in this case. He has come out of jail. But, they have not received the money back yet. According to the report, a few days after the raid, Piyush had expressed his desire to deposit the penalty. He had talked about paying a penalty of Rs 52 crore. But, it was rejected by the Directorate General of GSAT Intelligence.
According to a Hindustan Times report dated May 24, 2023, cash worth Rs 196 crore and 23 kg of gold was recovered from Piyush Jain’s premises. The Directorate General of GST Intelligence has imposed a fine of Rs 497 crore on him. The entire matter is still in the court and the money is deposited in SBI Bank.
Do it after the raid
If the accused feels that the raid has been conducted at his place with wrong intentions. His financial record is clean. If he has not committed any wrongdoing then he can challenge the entire matter directly in the High Court. Apart from this, he can also file a complaint with the Income Tax Appeal Commissioner. In this complaint, along with challenging the raid, he can also question the assessment of his property by the Income Tax Department. On the basis of this, the Income Tax Department will have to tell how it has calculated the property.
Visakhapatnam: Income Tax department seized unaccounted gold from two jewellers in Vijayawada and Guntur in the past two days of searches. The searches yielded around 25kg of gold which was not accounted for in the books. Three to four teams of the IT investigation wing carried out searches at the jewellery showrooms, where they found jewellers procuring unaccounted gold from Mumbai, Kolkata, and Gujarat. It may be recalled that IT teams seized unaccounted gold worth over 80 crore from three jewellers of Proddatur in YSR Kadapa district in October. The raids led to closure of jewellery shops in Proddatur. TNN
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The Income Tax department is set to achieve a record-breaking cash seizure of Rs 290 crore following raids on an Odisha-based distillery group and its connected entities. This marks the “highest-ever” black money haul by any agency in a single operation, reported PTI, citing official sources on Saturday.
The tax department has mobilized approximately 40 large and small machines for counting currency notes, enlisting additional department and bank personnel to expedite the counting process initiated on December 6 during the raids on Boudh Distillery Pvt Ltd and others.
Moreover, the department has augmented its fleet with more vehicles to facilitate the transport of the seized cash to government banks in the state.
As part of the searches, premises linked to Congress’ Rajya Sabha MP from Jharkhand, Dhiraj Prasad Sahu, were also covered, according to sources. Despite efforts to obtain a response from the MP and an email sent by PTI to the distillery group, there has been no response.
Currently, tax officials are recording statements from various company officials and individuals involved. The counting of cash is expected to conclude by Saturday, with the total seizure anticipated to reach approximately Rs 290 crore, PTI reports.
With over Rs 250 crore already seized, cash continues to be deposited in government bank branches in Odisha, primarily in the form of Rs 500 denomination notes.
This unprecedented cash seizure is the highest-ever made by an agency in the country against a single group and its connected entities, the sources affirm. Nearly Rs 230 crore was confiscated from 8-10 almirahs at the company’s premises in Bolangir district, while the remainder was seized from locations in Titlagarh, Sambalpur, and Ranchi.
The raids were initiated following “actionable intelligence” regarding significant “out of book” sales and cash remittances by liquor distributors, sellers, and business groups.
Prime Minister Narendra Modi took note of the development, stating on Friday, “Countrymen should look at the pile of these notes and then listen to the honest ‘speeches’ of their leaders….Whatever has been looted from the public, every penny will have to be returned, this is Modi’s guarantee.”
“Unaccounted” cash amounting to around Rs 250 crore is expected to be recovered through searches being conducted by the income-tax department against a Odisha-based distillery group and entities linked to it, official sources said on Friday.
The raids launched against Boudh Distillery Private Limited on Wednesday are still continuing and cash amounting to more than Rs 200 crore has so far been recovered. The total recovery could be around Rs 250 crore, the sources said.
Three dozen counting machines have been deployed by the tax department. Since the machines are of a limited capacity, the counting is progressing at a slow pace, the sources added.
Premises linked to the Congress’s Rajya Sabha MP from Jharkhand, Dhiraj Prasad Sahu, were also covered during the searches, the sources said.
An e-mail sent by PTI to the distillery group on Thursday elicited no response.
Officials said cash amounting to Rs 200 crore, stashed in almirahs, was recovered from a premises of the distillery group in Balangir district, while the remaining amount was found from other locations, such as Sambalpur and Sundargarh in Odisha, Bokaro and Ranchi in Jharkhand and Kolkata.
In a post on X, Prime Minister Narendra Modi tagged a news report about the I-T department recovering Rs 200 crore in cash from various locations of a business group allegedly linked to Sahu, as he attacked the opposition party.
Rs 200 crore cash found in nine cupboards
Let us tell you that Dheeraj Sahu is a big industrialist and sells liquor. From the manufacturing company Baldev Sahu & Group of Companies Are connected. The Income Tax Department has seized the group’s Jharkhand-Odisha and Raids were conducted at 10 locations in Bengal. Income Tax Department 30 from the office of Baldev Sahu Company located in Bolangir. 200 crores in raid in Satpura office a kilometer away Cash worth Rs. has been recovered. According to media reports, Bundles of notes were kept in nine shelves of the office. Notes of Rs 500, Rs 200 and Rs 100 were kept in bundles. Income Tax Department after finding such a large amount of cash The team counted the notes using machines and filled them in 157 bags, when When the bags fell short, the sacks were filled with notes and then They were put in a truck and taken to the bank.
Countrymen should look at these piles of currency notes and then hear the addresses of its (Congress) leaders on honesty. Every penny looted from people will have to be returned. This is Modi’s guarantee,” he said in a post with several emojis.
Mr Sahu’s staff expressed their inability to get a comment from the MP when PTI called on his phone for a reaction to the I-T department’s action.
The sources said the taxman acted on “inputs” of a huge amount of cash being remitted by liquor distributors, sellers and business groups and hence, the raids were launched.
