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
Latest Expert Exchange
« General »
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes
 Here’s all you should know about filing Income Tax Return before March 31
 Tax benefits continue to accrue even after PPF a/c is transferred to another bank
 When you may have to visit income tax department’s compliance portal

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 2018 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