IT raids detected tax evasion to tune of Rs 200 crore unearthed in Assam

Three businessmen under the scanner

STAFF REPORTER

GUWAHATI: Income Tax (IT) raids have detected IT evasion of around Rs 200 crore in the State. The raids were conducted in the residences and offices of three businessmen engaged in tea gardens and the Construction sector.

On January 29, 2021, the IT department carried out search-and-survey operations in the premises of Suresh Pithani, Bokul Debnath and Pradyut Bhuyan. These operations were carried out at 20 locations in Guwahati, Delhi, Gurugram, Kolkata, Siliguri, Alipurduar, Tezpur and Nalbari.

According to Surabhi Ahluwalia, the spokesperson of the Central Board of Direct Taxes (CBTD), the main allegations against the three groups were that they had been inflating expenses and had taken accommodation entries in the form of non-genuine unsecured loans and security premium. These entities had suppressed their net profits across the years by claiming bogus expenses; and routed back the same into business in the form of share premium, share capital and unsecured loan, he said.

"During the course of search operations, hand-written notes depicting unexplained expenses of approximately Rs 87 crore were found. Entries from shell companies in the forms of share capital and unsecured loans and by way of amalgamation to the tune of approximately Rs 100 crore were also found," he said.

Further, extracts of digital evidences showing discrepancy in cash balance of Rs 4.20 crore were found along with bogus booking of expenses at the end of financial year, added Ahluwalia. The financial statement showing Rs 32 crore profit with cash balance of Rs 12 crore did not match with the regular books. Digital back-up of servers, computers and phones were taken for further examination which will give the actual picture of the business of these assesses, he stated.

Ahluwalia further said that cash of Rs 42 lakh has been seized. "The total IT evasion in these cases exceeds Rs 200 crore. Altogether nine bank lockers have been found. However, investigations showed that these lockers are not in operation," he said.