IT Dept raids 2 business firms in Maharashtra, Rs 56 cr cash seized

12 Aug 2022 , 12:48 PM

The Income Tax Department carried out a search operation on 3 August 2022 on two major groups engaged in the manufacturing of steel TMT bars. The search operation covered more than 30 premises spread over Jalna, Aurangabad, Nashik and Mumbai. During the course of the search operation, several incriminating evidences have been found and seized, the Ministry of Finance said in a statement. The initial analysis of seized evidences of both the groups has revealed that they were engaged in large scale tax evasion, resorting to inflation of expenditure through bogus purchases from several entities. These entities have also been found to be involved in GST frauds. So far, the search operation has resulted in seizure of unaccounted cash of Rs 56 crore, and bullion and jewellery worth Rs 14 crore. Further investigations are in progress, the Finance Ministry statement said. Powered by Capital Market – Live News