Income Tax Department Finds Laptop Company, Finds Large-Scale Import Under-Invoicing | Latest India News

The Income Tax Department (ITD) conducted a search and seizure operation on several importers and traders of electronics products in the National Capital Region, Haryana and West Bengal which began on October 10. 2021, the Central Council for Direct Taxes (CBDT) said on Saturday.

The Income Tax Department (ITD) conducted a search and seizure operation on several importers and traders of electronics products in the National Capital Region, Haryana and West Bengal which began on October 10. 2021, the Central Council for Direct Taxes (CBDT) said on Saturday. .

“Evidence found and seized during the search reveals that payments for these underbilled goods to foreign co-signers were made through Hawala channels,” said the press release released by PIB.

During the IT department’s search, compromising documents, diaries and digital records were found, revealing that the group is plunged into “large-scale under-invoicing and unjustified reporting of goods imported by it.” Apart from this, evidence of unrecorded transactions, bogus loans were taken and unrecorded investments in properties were also collected during the research. Imports valued at 20 crore have been declared at the port of entry for the past three years, however, the estimated value of imports may be over 2,000 crore. ??2.75 crore in cash was also found, which has not been recovered.

In addition, during the inspection of containers at the port of Kolkata, a bill of lading declared the goods to be “HDMI cables” worth ??3.8 lakhs were found, however, upon further investigation, “the actual imported goods are high value items like laptops, cell phones, etc. which are valued at ??64 crores, ”the press release said.

Finally, the statement suggests that illegitimate wealth “has been used for the acquisition of high-value real estate, concealing cash introduced in the form of bogus rental income, bogus unsecured loans and deposits in foreign bank accounts” .

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