News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
General »
 Income tax benefits on NPS explained in 5 points
 Why new tax surcharge has stunned foreign portfolio investors
  How to set-off short-term capital gains?
 Tax receipts growing but not fast enough for new government
 How Modi government's budgets have reduced your income tax burden
 Tax department tightens the noose on offenders
 How to set-off short-term capital gains?
 Government to revamp procedure for tax assessment
 I filed my ITR for AY 2019-20 but made a mistake. How can I rectify it?
 Stricter rules on dealing with tax evasion kicks in from today
 New income tax rules from today, no escape just by paying penalty

Undisclosed income of Rs 250 cr unearthed in I-T, central excise raids
January, 29th 2009
The income tax authorities and the Directorate General of Central Excise Intelligence (DGCEI) have unearthed undisclosed income of more than Rs 250 crore from a few Delhi-based business houses -- most of which had been allegedly diverted and parked in raising properties in the real estate and hospitality sectors, sources said. The raids, conducted in the last few weeks, included those on a leading Delhi-based gutka manufacturer at his units in Delhi and Guwahati. These unearthed more than Rs 13 crore in cash besides a disclosure made by the promoters before the income tax officials of Rs 102 crore which they had diverted to real estate. Soon after the Income Tax raids, DGCEI too raided the units of the gutka manufacturer and unearthed documents that, according to officials, reveal hundreds of crores in excise duty evasion. In another case, DGCEI raided a leading iron and steel manufacturer where authorities have found duty evasion of more than Rs 25 crore. A few weeks ago, the income tax authorities had also raided a leading builder in Delhi. In this case, unaccounted wealth to the tune of Rs 100 crore has been disclosed, sources said. Both the Central Board of Direct Taxes and the Central Board of Excise and Customs, through their investigative arms, have increased surveillance on suspect corporate entities besides conducting search and survey operations against major duty evaders. The slowdown in the economy has led to a major shortfall in tax collections. While excise and customs duty collections have slipped into negative in the third quarter of this fiscal, as far as direct taxes are concerned, the collections have been way below the target of Rs 3.95 lakh crore. CBDT chairman NB Singh was quoted by a news agency as saying that there was a gap of about Rs 20,000 crore in the tax collection as on date between the target and the collection.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions