Raids on BMC contractors unearth Rs 735-cr monetary irregularities: I-T dept

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    Raids on BMC contractors unearth Rs 735-cr monetary irregularities: I-T dept


    PTI | As a lot as the moment: Nov 14, 2019, 22: 55 IST

    Highlights

    • The quest and explore operation changed into as soon as started at 44 locations in Mumbai and Surat on November 6, on entry companies and beneficiaries.
    • They’ve been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
    • Investigations are in growth, collectively with identification of the rest beneficiaries, the CBDT talked about.

    Brihanmumbai Municipal Corporation

    NEW DELHI: TheEarnings Tax Departmenthas detected alleged irregularities to the tune of Rs 735 crore after it performed searches on civil contractors who work for the Brihanmumbai Municipal Corporation (BMC), the Central Board of Notify Taxes (CBDT) talked about on Thursday.
    The quest and explore operation changed into as soon as started at 44 locations in Mumbai and Surat on November 6, on entry companies and beneficiaries who were engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation (BMC), it talked about.
    The CBDT is the coverage-making body for the tax department.
    “There were reviews that definite contractors had taken entries in the create of loans amongst others from entry companies and also inflated prices in the books of accounts to suppress earnings.
    “Incriminating evidences displaying gargantuan scale tax evasion and money laundering were learned,” it talked about.
    To this level, it talked about, detection on fable of above talked about disorders is to the tune of Rs 735 crore and extent of accommodation entries is being quantified.
    The operation “also resulted in the detection of the exercise of bogus corporations (floated by entry companies) for giving entries to corporations in the create of loans or payments for prices, amongst others”.
    “In the case of the entry companies, systematic modus operandi of monetary institution fraud and forgery has been detected whereby the promoters possess made investments in immovable properties and shares of neighborhood corporations by siphoning off the monetary institution loans,” it talked about.
    In the case of the contractor teams, a lot of cases about inflation of costs by bogus purchases/sub-contracts and taking of loans from entry companies were known, the assertion claimed.
    Investigations are in growth, collectively with identification of the rest beneficiaries, the CBDT talked about.

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