News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
General »
 RBI to announce steps to boost economy at 10 am today
 Covid-driven tax reliefs to cost government 2-3% of GDP
 Will govt extend these five financial deadlines amid coronavirus outbreak?
 Crisis-hit Yes Bank faces tough challenges as it limps towards normalcy
 Why you must respond to outstanding tax demand online Income Tax Refund
 Though the RBI is likely to bite the bullet to cut the rates to stimulate demand at next policy review,
 CBDT issues clarification on circular issued in January 2020 TDS Calculation on Salary
 Government may halve dividend income tax rate for big local investors
 Impact of proposed new income tax rates on a Rs 20 lakh salary
 Income tax benefits on EPF contributions: New vs existing tax regime
 Why a simplified tax regime is the need of the hour

Importer under Income -Tax lens
September, 14th 2010

Income tax (I-T) sleuths trailing the tax evasion case of city- headquartered coal importer, Maheswari Brothers Coal Limited, have found documents showing unaccounted money to the tune of Rs 60 crore.

Search operations carried out on the company's offices and residential premises across the country have yielded documents pertaining to unaccounted money, investments and many transactions with known industry players.

The I-T department had started its probe last week following allegations that the firm was showing a low profit to evade tax.

The department carried out search operations on the coal importer's office at Somajiguda for 48 hours beginning last Wednesday. Simultaneous search operations were carried out in Delhi, Chennai, Kolkata, Cuttack, Mangalore, Surat and Goa. The company's district offices in the state at Visakhapatnam, Vijayawada and Vizianagaram were also searched for documents.

Sources told Media that though the preliminary investigations are over, it will take the department another three-four months to come out with a comprehensive report. The detailed probe sheet will then be submitted to the assessing officer to take appropriate action.

The department is also tallying the company's official turnover figure of Rs 7,000 million with the actual profit it is making through imports. Maheswari's annual coal import figure stands at 2 million tonnes.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting