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: cpt :: Central Excise rule to resale the machines to a new company :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: list of goods taxed at 4% :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: VAT Audit
 
 
« News Headlines »
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)
 What to do if you haven’t filed your taxes
 Income Tax Declaration To Employer: 10 Changes You Should Be Aware Of
 What your income tax says about you
 Self e-filing of income tax returns
 Why do we get 3 extra days to file income tax returns in 2017?
 Income Tax department launches 'Operation Clean Money'-II
 Here’s how to e-file your income tax return
  Why SMEs should comply with income tax provisions

I-T raids on Amravati saree shops
July, 31st 2006

A leading garment businessman in Amravati, whose premises were raided by the Income-Tax department recently, has disclosed unaccounted wealth to the tune of Rs 1.46 crore. 
 
This includes investment in real estate and concealed income in the form of interest and rent. 
 
During the raids, excess stock of sarees worth Rs 1.05 crore were unearthed. The firms involved in the operation included Nanda Saree Centre, Nanda Textiles and Prakash Sarees. 
 
The raids, carried out in 13 premises during which six bank lockers were sealed, were one of the biggest search and seizure operations in Amravati. The department also covered three other premises under a separate survey operation. 
 
The business group is alleged to have have indulged in large-scale unaccounted transactions in sarees. Huge amount was invested in real estate using concealed wealth, said Income-Tax department. 
 
The operation also resulted in the seizure of several incriminating documents pertaining to unaccounted dealings in sarees, money lending, investment in property, rent receipts and expenses on household items. Documents also revealed huge spendings on marriage ceremonies, the department said. 
 
Survey operations were also carried out at the groups business associates premises in Surat, Mumbai and Hyderabad. 
 
In Surat, Rs 50 lakh illegal deals were uncovered and in Mumbai, an agent working for the group, admitted to have arranged bogus entries of purchases. This helped in bringing down the profit figure, thus reducing the tax liability, the department said. 
 
The firms are among Amravatis leading wholesale traders for sarees and have a number of showrooms. They stock all leading brands and also have a massive retail network. Nanda Sarees and Nanda Textiles are into business since three decades.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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