IT team recovers Rs 1,000 crore in single raid in Karnataka and Goa
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IT officals of both Karnataka and Goa recovered Rs 1,000 crore from a single raid The raid took place on July 27 The department said that export proceeds of iron ore worth Rs 400 crore were diverted through bogus commission agents
The Directorate of Income Tax (Investigation) of Karnataka and Goa has detected unaccounted transactions over Rs 1,000 crore from a raid on July 27.
"An income tax search and seizure in Goa resulted in the detection of undeclared transactions of more than Rs 1,000 crore. The department conducted pre-search enquiries to gather information on the assessee holding various undisclosed assets in foreign tax jurisdictions," reported the Times of India.
The department said that export proceeds of iron ore worth Rs 400 crore were diverted through bogus commission agents and undeclared foreign assets exceeding Rs 600 crore were accumulated.
"The financial year 2017-18 has been very happening for the Karnataka and Goa directorate. In one case at Bheemsamudra, an assessee predominantly engaged in gutka, sugar manufacturing and running educational institutions. A search was conducted in May and we found evidence of tax evasion," a statement from the department said. Similar searches in Bengaluru led to a local media group admitting to undisclosed income of over Rs 150 crore, reported the TOI.
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