The raids started February 18 and had been carried out throughout 22 places (Representational)
Highlights
- Raids had been carried out on companies owned by household of Congress MLA Nilay Daga
- The raids had been carried out since February 18 throughout 22 places
- The raids uncovered unaccounted money shops of Rs 8 crore
Bhopal:
Over Rs 450 crore in undisclosed revenue has been recovered from raids on enterprise premises owned by the household of Madhya Pradesh Congress MLA Nilay Daga, the Revenue Tax Division stated Monday night. The raids had been carried out since February 18 throughout 22 places within the state’s Betul and Satna districts, in addition to Mumbai and Kolkata.
The raids uncovered unaccounted money shops of Rs 8 crore, unexplained overseas foreign money amounting to Rs 44 lakh and details about 9 financial institution lockers.
The raids additionally uncovered messages between key members of the enterprise group – which manufactures soya merchandise – that mirror unexplained money funds and hawala transactions amounting to greater than Rs 15 crore.
“The group launched unaccounted revenue to the tune of Rs 259 crore by means of introduction of share capital at big premium from Kolkata-based shell corporations…. launched undisclosed revenue of Rs 90 crore by means of sale of paper investments in shell corporations to a different set of shell corporations of Kolkata,” the CBDT (Central Board of Direct Taxes) stated in its assertion.
“None of those corporations was discovered to be operational at given handle and the group couldn’t affirm the identification of such paper corporations or any of its administrators. Many of those paper corporations had been discovered to be struck off by the Ministry of Company Affairs,” the CBDT added.
The CBDT stated {that a} additional Rs 52 crore of “bogus loss” had been claimed by the group to offset its earnings, “by indulging in intra-group out-of-exchange contract settlement.
“The group has additionally claimed incorrect Lengthy Time period Capital Positive aspects exemption of over Rs 27 crore on sale of shares of a bunch entity. Investigations revealed that the acquisition of those shares was not real, as group administrators bought shares of this entity at nominal worth from non-existent Kolkata primarily based shell corporations,” the assertion stated.
Through the raids incriminating proof within the kind laptops and exhausting drives had been confiscated.
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