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Income Tax Department carried out search and seizure operations on-premises of two groups based in Punjab, informed the Central Board of Direct Taxe (CBDT) on Tuesday.According to the officials, the search in the case of the first group, engaged in cycle business, which was initiated on October 21 has been found to be involved in the suppression of income by showing bogus intra-group transactions within-group concerns.The group was also found to have been involved in receiving a substantial part of sale consideration in cash and thereby suppressing the turnover. The seized documents reveal suppression of turnover of around Rs. 90 crore per annum by a group concern. Incriminating documents related to the undisclosed sale of scrap have also been seized, read the press release.The search action has led to the detection of unaccounted income of about Rs. 150 crores. The search action has resulted in the seizure of unaccounted cash of Rs. 2.25 crore and seizure of unaccounted gold of Rs 2 crores in this group.As per the CBDT statement, the second group, based in Jalandhar, is engaged in providing immigration and study visa-related services to students. The search was initiated on October 18 has revealed that the group used to charge a package, ranging between Rs.10 lakh to Rs.15 lakh per student, depending on the country where the student wished to pursue education.Almost the entire receipts of the group, aggregating to more than Rs. 200 crore in the last 5 years is in cash.It has also been found that the bank accounts of the employees have been used to receive money, which has subsequently been withdrawn in cash.The profit earned from such receipts has never been disclosed in the Income Tax Returns filed. Only the commission received from foreign universities has been shown as receipts in the Income Tax Returns by the members of the group.The search action has led to the detection of unaccounted income of about Rs. 40 crore. The search action has also resulted in the seizure of unaccounted cash of Rs. 20 lakh and seizure of unaccounted jewellery of Rs. 33 lakh.Further investigations are in progress in both groups.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :IT Dept conducts searches in Punjab

Income Tax Department carried out search and seizure operations on-premises of two groups based in Punjab, informed the Central Board of Direct Taxe (CBDT) on Tuesday. ...