Tag: Income

The Income Tax Department carried out search and seizure operations on 09.11.2021 in the case of a Fintech company providing instant short term personal loan through Mobile App. The searches were conducted on the business and residential premises in Delhi and Gurugram. During the search, it was revealed that the company has been allegedly charging very high processing fee at the time of disbursement of loans. This results into effective higher burden of compensation on the borrowers.  The said company is held by a group based in Cayman Island, ultimately controlled by an individual of a neighboring country. The company ... Read more

The Income Tax Department carried out search and seizure operations in the cases of two groups based in Punjab. The search action in case of the first group was initiated on 21.10.2021. This group is engaged in Cycle business. The group has been found to be involved in 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 ... Read more

The Income Tax Department carried outa search and seizure operation on 30.09.2021 on 37 premises spread across multiple cities including Mumbai, Pune, Noida & Bangalore. These groups/individuals were in varied businesses such as cable manufacturing, real estate, textile, printing machineries, hotels, logistics etc. During the course of the search operation, several incriminating documents, loose sheets, diaries, emails and other digital evidences etc. have been unearthed which indicates ownership of a large number of foreign bank accounts and immovable properties, unreported to the Department. These groups/individuals utilized the services of a Dubai based financial service provider to create a dubious and ... Read more

MSP operations to ensure remunerative price of crops to farmers is continuing. In addition, the Union Government is already providing direct income support to farmers through a central Sector Scheme called the Pradhan Mantri Kisam Samman Nidhi (PM-KISAN) Yojanawhich is being implemented since 1st December, 2018.  The Scheme aims at providing financial assistance to landholding farmer families across the country, subject to certain exclusion criteria, to enable them to take care of expenses related to agriculture and allied activities as well as domestic needs.  Under the Scheme, an amount of Rs. 6000/- per year is transferred in three 4-monthly installments ... Read more

Income Tax Department carried out a survey operation on 08.07.2021 on two business premises in Bengaluru on one of India’s leading manpower services provider. The assessee has been claiming huge deduction u/s 80JJAA of Income-tax Act, 1961 which incentivises new employment generation, subject to fulfilment of certain conditions such as emoluments paid to the employee (which should be less than Rs. 25,000 per month) and number of days of employment etc. During the course of the survey operation, evidences of tax evasion have been gathered regarding wrongful claims of deduction u/s 80JJAA of Income-tax Act, 1961. The investigations further revealed, ... Read more