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The Income Tax Department has carried out search and seizure operations on an importer and a trader of laptops, mobile phones and peripheral parts, the Central Board of Direct Taxes (CBDT) said on Saturday.
The taxation authority which is a part of the Department of Revenue in the Ministry of Finance said that operations were carried out in the National Capital Region, Haryana and West Bengal. During the course of the search, unaccounted cash of Rs 2.75 crore has been seized. Though the value of imports declared at the port of entry in the past three years is about Rs 20 crore, it is estimated that the actual value during this period could be more than Rs. 2000 crore, given the scale of massive under-valuation detected, as per the CBDT. "The search operations spread across the NCR, Haryana and West Bengal revealed large scale under-invoicing of imports," the department said in a statement. According to the taxation authority, the search operations commenced on October 10. During the course of the search, several incriminating documents, diaries and digital evidences have been found. "Large number of evidences indicating unrecorded transactions, unaccounted investment in properties, bogus loans taken, etc. have also been gathered," the CBDT added. Further investigation is ongoing. More details are awaited. (ANI)
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