Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | 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
 
 
 
 
Popular Search: cpt :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
Indirect Tax »
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape

Income-Tax raids at 37 premises of Uflex Limited unveils Rs 100 crore 'scam
February, 20th 2014

Income Tax department today carried out raids at 37 premises associated with Uflex Limited in nine cities and claimed to have found bogus sale worth Rs 100 crore along with unaccounted cash worth Rs 2 crore.

The raids started at 8.30 AM this morning in 37 premises of Uflex Limited, owned by Ashok Chaturvedi. "The raids were carried out in nine cities including New Delhi, Mumbai, Thane, Bhind, Alwar, Dehradun, Jammu, Haridwar and Noida," Director General, Income Tax (Investigation) Krishna Saini told reporters here.
The raids were conducted following complaints of cash sale of over Rs 1,000 crore by the company during the past four-five years, which has turnover of over Rs 3,000 crores, he said.

"During raids, till now Rs 100 crore bogus sale has been detected. Unaccounted cash worth Rs 2 crore and jewelleries have also been found while work of opening lockers is underway," Saini said.

During inquiry, genuine sale was not found and seven bogus concerns, where sale of Rs 100 crores were claimed to have been found.
"We have so far detected 20-25 companies (associated with Uflex) which we suspect are bogus/dummy, where bogus sale of Rs 100 crore was shown.
"Over Rs 1,000 crore has come in the company from unknown sources," he said.

The entire operation was led by Director, Income Tax (investigation) Ashok Tirpathi. During the raid 50 officers, 100 income tax inspectors and four platoon of CRPF were used, Saini said. Asked about 'hawala' links, Saini said that it was "pre-mature to declare so".

In 2010, Uflex Director Ashok Chaturvedi and Neera Yadav, the former chief secretary of Uttar Pradesh government, were sentenced to four years in prison by a CBI court in a 1994-95 Noida land scam case.

In 2001, Chaturvedi was arrested by the CBI under the Prevention of Corruption Act for allegedly bribing a top excise department official.
Former cabinet secretary Prabhat Kumar was forced to resign as Jharkhand Governor after reports that Chaturvedi had paid for his private parties appeared in the media.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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