• ABOUT US
  • CONTACT
  • TEAM
  • TERMS & CONDITIONS
  • GUEST POSTS
Wednesday, October 1, 2025
  • Login
Economy India
No Result
View All Result
  • Home
  • Economy
  • Business
  • Companies
  • Finance
  • People
  • More
    • Insurance
    • Interview
    • Featured
    • Health
    • Technology
    • Entrepreneurship
    • Opinion
    • CSR
    • Stories
  • Home
  • Economy
  • Business
  • Companies
  • Finance
  • People
  • More
    • Insurance
    • Interview
    • Featured
    • Health
    • Technology
    • Entrepreneurship
    • Opinion
    • CSR
    • Stories
No Result
View All Result
Economy India
No Result
View All Result
Home Finance

Income Tax Department conducts searches in Bihar and Jharkhand

by Economy India
November 1, 2021
Reading Time: 2 mins read
FEATURED IMAGE ECONOMY INDIA 1 1
SHARESHARESHARESHARE

The Income Tax Department carried out search and seizure operation on a prominent road construction contractor in Bihar and Jharkhand. The search action was initiated on 27.10.2021 at various premises located in Bihar, Jharkhand, Maharashtra, and West Bengal.

The searches revealed that the group has been suppressing its profits by inflating expenses on purchase of materials. Such excess material is sold in the market in cash but cash so generated remains unaccounted. 

ADVERTISEMENT

Business Expenses

It has been also found that the group has indulged in obtaining accommodation entries for inflating other business expenses. Incriminating documents such as handwritten diaries have been seized from the premises of commission agents who have been assisting the assessee group in these dubious practices.

These seized documents carry evidences of unaccounted cash generation and movement of material. The search operation has further revealed that the group is also suppressing contractual receipts and service income.

It was further seen that the group is not maintaining proper books of accounts, including supporting documents like bills and vouchers.

Document Recovery

Various incriminating documents recovered and seized during the search indicate the movement of unaccounted cash between different locations for its investment in immovable properties at various locations and cash expenses of personal nature.

It has been detected during the search operation that the commission agents and suppliers of bogus bills have also evaded tax on crores of income as they have indulged in providing accommodation entries to other parties as well. 

Unaccounted Income

The search action has resulted in seizure of unaccounted cash of Rs 5.71 crore. Ten bank lockers have been placed under restraint.

Investment made in fixed deposits, etc. of about Rs. 60 crore is under verification. The search action has led to the detection of unaccounted income to the tune of about Rs. 100 crore.  (PIB)

Tags: Business ExpensesBusiness Updates on Indian EconomyCurrent Updates of Indian EconomyDocument RecoveryEconomic Development of IndiaEconomy IndiaEconomy India UpdatesEconomy NewsEconomy News of IndiaEconomy News Portal of IndiaEconomy News UpdatesEconomy Updates from IndiaIndia EconomicIndian EconomyIndian Economy OutlookIndian Economy UpdatesLatest Development on Indian EconomyLatest Updates on Indian EconomyNews Around Economy of IndiaNews on Indian EconomyNews on World of Indian EconomyOverview of Indian EconomyRecent Development in Indian EconomyUnaccounted Income
Economy India

Economy India

Economy India is one of the largest media on the Indian economy. It provides updates on economy, business and corporates and allied affairs of the Indian economy. It features news, views, interviews, articles on various subject matters related to the economy and business world.

Related Posts

India Extends Export Duty and Tax Refund Scheme (RoDTEP) Until March 2026: A Comprehensive Analysis
Economy

India Extends Export Duty and Tax Refund Scheme (RoDTEP) Until March 2026: A Comprehensive Analysis

September 30, 2025
Trump Slaps 100% Tariff on Branded Drugs from October 1; India, Key Exporter, Faces Uncertainty
Economy

Trump Slaps 100% Tariff on Branded Drugs from October 1; India, Key Exporter, Faces Uncertainty

September 26, 2025
RBI Likely to Cut Rates by 25 bps in September: SBI Report Predicts Relief for Borrowers
Finance

RBI Likely to Cut Rates by 25 bps in September: SBI Report Predicts Relief for Borrowers

September 24, 2025
GST 2.0: FMCG Firms Expect Full Price Alignment Within Two Months
Economy

GST 2.0: FMCG Firms Expect Full Price Alignment Within Two Months

September 24, 2025
GST Reforms to Infuse ₹2 Lakh Crore into Indian Economy, Says Finance Minister Nirmala Sitharaman
Finance

GST Reforms to Infuse ₹2 Lakh Crore into Indian Economy, Says Finance Minister Nirmala Sitharaman

September 17, 2025
Rupee Opens Stronger at 87.95 Against Dollar Amid Positive Equities, Trade Concerns Cap Gains
Finance

Rupee Opens Stronger at 87.95 Against Dollar Amid Positive Equities, Trade Concerns Cap Gains

September 9, 2025
Next Post
FEATURED IMAGE ECONOMY INDIA 1 1

India's declining position in the global hunger index and growing hunger due to lack of nutritious food

I AM PEACEKEEPER I AM PEACEKEEPER I AM PEACEKEEPER
ADVERTISEMENT

LATEST NEWS

Kotak Mahindra Bank Named Best Private Sector Bank at Financial Express Best Banks Awards 2023–24

India Extends Export Duty and Tax Refund Scheme (RoDTEP) Until March 2026: A Comprehensive Analysis

Govt. Announces Diwali Bonus for Central Employees: ₹6,908 Payout, Railway Staff to Receive 78 Days PLB

Indian Economy to Grow at 6.5% in FY 2025-26 Despite Strong Q1 Performance: ADB

Sahara Seeks Supreme Court Nod to Sell 88 Properties to Adani Group; Proceeds to Repay ₹24,030 Crore Investor Dues

Crude Oil Futures Jump ₹25 on Strong Overseas Demand, MCX Sees Active Trading

Tax Audit Report Submission Deadline Extended to October 31 for FY 2024-25; ITR Filing Deadline Remains Unchanged

Reliance Consumer Products Signs ₹40,000 Crore MoU with Government to Build Integrated Food Manufacturing Facilities Across India

  • ABOUT US
  • CONTACT
  • TEAM
  • TERMS & CONDITIONS
  • GUEST POSTS

Copyright © 2024 - Economy India | All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Business
  • Companies
  • Finance
  • People
  • More
    • Insurance
    • Interview
    • Featured
    • Health
    • Technology
    • Entrepreneurship
    • Opinion
    • CSR
    • Stories

Copyright © 2024 - Economy India | All Rights Reserved