Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES :: due date for vat payment
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Traders booked for Rs 25-cr tax evasion
January, 19th 2009

Two steel traders have been booked for tax duty evasion worth Rs 25 crore by floating two firms on a single tax identification number
(TIN).

According to local crime branch (LCB) officials of Bhavnagar police, a case has been registered against Vithal Pandya of Rajkamal Tradelink and Dipak Magiya, who listed his firm in the TIN of Rajkamal Tradelink, on a complaint of deputy commissioner enforcement, NM Patel.

In his complaint filed on Saturday, Patel alleged that Pandya had acquired input credit of value added tax worth Rs 13.64 lakh by showing Rs 11.76 crore worth transaction
with Ahmedabad-based bogus firms under the names of Shriji Traders, Modern Enterprise and Shreenath Enterprise. That apart, Pandya had also produced sales bills worth Rs 20.20 crore of several companies including Vallamb Impacs, Ganesh Trading, Kasturi Commodities, Lila Trading and Om Exim of Jamnagar to exempt from Rs 78.95 lakh tax.

"The scam was exposed after bogus bills were detected. Also exposed was association of Magiya with Pandya's firm through which Magiya had also practised similar fraud of bogus billing," said Patel.

"Magiya had done the transaction worth Rs 4. 16 crore with Bhachau-based Hans Ispat Limited company in Kutch and had siphoned off Rs five lakh by producing bogus bill of Rs 10 lakh," Patel explained.

Meanwhile, investigating LCB officials said that though no arrest was made in this case, work of gathering proof is on.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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