Rs. 300 crore black money was found after income tax raided at the Hyderabad company

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300 crore black money

In the leading case of tax avoidance, the Department of Income Tax detected inevitable income from the Rs 300 Crore. Defeating after storming a company based in Hyderabad. Which is engaged in real estate and waste management the tax centre business directly to say on Friday.

The search was made on July 6, reported the PTI news agency. “As a result of search and seizure operations, and on the basis of various burdensome documents found, entities and partners have claimed to have an inevitable income from the RS 300 Crore and also agreed to pay taxes,” statements issued by the report said by the council.

Direct tax frame policy (CBDT) for the tax department. It didn’t got identified that about the group but said it was involved in real estate, construction, management and waste infrastructure. Waste management activities are spread in India, while real estate activities are primarily concentrated in Hyderabad, CBDT said.

Explain the alleged allegations of tax evasion on entities; CBDT said, “it was found that the group had sold a majority shares, to Singapore-based non-resident entities, in one of the group problems during the 2018-19 financial year and had benefited large capital.”

“The Group then arranges various dye schemes by entering a series of buying stocks, sales. Subscribing to non-arm value and the issuance of further bonuses etc. With related parties, creating losses achieved by capital profits,” Allegedly.

The CBDT claims that incriminating evidence and documents have been restored during the raid, which indicates that the loss is “artificially made” to trigger their respective capital increases. “Search operations cause artificial loss detection around 1,200 crore Rs, which will be taxed in the hands of each assessment,” said the statement.

Found that the appraiser had incorrectly claimed bad debt in the Tone of Rs 288 Crore because of the related party transactions, which departed against the profit obtained, CBDT added. “Cash transactions that are not achieved with group colleagues have also been detected during search, and the same quantum and mode are being examined,” he said.

The CBDT claims that incriminating evidence and documents have been restored during the raid, which indicates that the loss is “artificially made” to trigger their respective capital increases.

“Search operations cause artificial loss detection around ₹ 1,200 crore, which will be taxed in the hands of each assessment,” said the statement. Found that the appraiser had misunderstood bad debt in a tone of ₹ 288 crores due to related party transactions, which departed against the profit obtained, CBDT added.

“Cash transactions that are not achieved with group colleagues have also been detected during search, and the same quantum and mode are being examined,” he said.

Explain the alleged allegations of tax evasion on entities; CBDT said, “it was found that the group had sold a majority shares, to Singapore-based non-resident entities, in one of the group problems during the 2018-19 financial year and had benefited large capital.”

“The Group then compiled a variety of polourable schemes by entering a series of stock purchases, sales, subscribing to the long-value non-arm and the publication of the next bonus, etc. With related parties, creating losses produced from the capital gain obtained,” Allegedly.

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