I-T raids on MP-based soya group unearth Rs 450 cr black money
   Date :23-Feb-2021

IT raids _1  H
THE Income Tax Department has detected undisclosed income of over Rs 450 crore after its raided a Madhya Pradesh-based Soya products manufacturing group, the CBDT said on Monday. The searches were carried out on February 18 at 22 premises located in Betul and Satna (both in Madhya Pradesh), Mumbai and Solapur in Maharashtra, and Kolkata in West Bengal. “Incriminating evidence in the form of digital media such as laptops, hard drives, pen drives have been found and seized.
“From the investigation so far, undisclosed income of over Rs 450 crore has been detected,” the CBDT said in a statement. It added that “unexplained” cash of over Rs 8 crore and foreign currency of various countries amounting to more than Rs 44 lakh have been seized after the raids on the Betul-based business group. Nine bank lockers have also been found during the search, the Central Board of Direct Taxes (CBDT), which frames policy for the tax department, said. “The group has introduced unaccounted income to the tune of Rs 259 crore by way of introduction of share capital at huge premium from Kolkata-based shell companies.
“The group has also introduced undisclosed income of Rs 90 crore in its books of accounts by way of sale of paper investments in shell companies to another set of shell companies of Kolkata,” the CBDT alleged. None of the companies, it claimed, was found to be operational at their shown address and the group could not confirm the identity of such paper companies or any of its directors. “Many of these paper companies were found to be struck off by the Ministry of Corporate Affairs. “During the search, it was seen that bogus loss to the tune of Rs 52 crore has been claimed by the group to suppress their profits, by indulging in intra-group out-of-exchange contract settlement,” it said. 
I-T Deptt detects Rs 335 cr black money after raids on Pune tobacco group
THE Income Tax Department has detected about Rs 335 crore undisclosed income after it raided a Pune-based business group engaged in packaging and sale of tobacco products and related items, the Central Board of Direct Taxes said on Monday. The searches, which were launched at 34 locations across Maharashtra on February 17, led to the seizure of “unaccounted” cash of Rs 1 crore, it said. “Profit on un-recorded transactions of sale of real estate amounting to Rs 9 crore has been accepted by the assessee,” the Central Board of Direct Taxes (CBDT), the body that frames policy for the Income Tax Department, said in a statement. “Total undisclosed income amounting to Rs 335 crore has been detected so far,” it said. The group is based in Pune’s Sangamner area and its entities are largely engaged in packaging and sale of tobacco and related products, generation and distribution of power, sale of FMCGs, and real estate development, the CBDT added in its statement.