Business Standard

Tuesday, January 21, 2025 | 05:47 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Income Tax Raid

Income tax raids common since 2014: CM Hemant Soren questions Centre

He went on to say that he had spoken several times about the state of constitutional agencies and how they were functioning in the country

Income tax raids common since 2014: CM Hemant Soren questions Centre
Updated On : 10 Nov 2024 | 6:46 AM IST

Alkem Labs sinks 14% to 3-month low on reports of tax evasion of Rs 1000 cr

Alkem Labs sinks on reports of tax evasion: The stock sank to an intra-day low of Rs 4,653 as of 1:15 pm on BSE, its lowest since December 5 when it closed at Rs 4,652

Alkem Labs sinks 14% to 3-month low on reports of tax evasion of Rs 1000 cr
Updated On : 26 Feb 2024 | 2:42 PM IST

Why Rahul silent on Cong MP Dhiraj Sahu's I-T seizure? asks Kishan Reddy

Union Tourism Minister G Kishan Reddy on Sunday sought to know why Congress leader Rahul Gandhi was silent on the seizure of crores of rupees from premises allegedly linked to his party MP Dhiraj Prasad Sahu during a recent Income Tax raid. Addressing a press conference here, Reddy, also Telangana BJP president, expressed doubt that the unaccounted cash which was recovered during the searches might have been meant for use in the upcoming Lok Sabha elections. The Union Minister dubbed Sahu as black money, hero and said the Jhankhand MP is a close confidant of Rahul Gandhi and allegedly supported and fulfilled all the requirements of the Congress leader's 'Bharat Jodo yatra' last year. This is an example of how Congress leaders have looted the country. We demand that the Congress party and Rahul Gandhi given an explanation to the people as to why the party nominated him thrice to the Rajya Sabha, he said. A huge pile of cash has been recovered so far in the searches conducted by th

Why Rahul silent on Cong MP Dhiraj Sahu's I-T seizure? asks Kishan Reddy
Updated On : 10 Dec 2023 | 2:34 PM IST

Congress tried to spread corruption from generation to generation: Lekhi

The amount of cash recovered from Dheeraj Sahu's premises is the highest among corrupt people so far. Its amount has reached Rs 300 crore

Congress tried to spread corruption from generation to generation: Lekhi
Updated On : 10 Dec 2023 | 7:01 AM IST

DMK hits out at Centre as I-T raids continue on premises linked to EV Velu

Meanwhile, IT raids continued for the fourth consecutive day in the premises linked to Tamil Nadu, Public Works and Highways Department Minister EV Velu at Tiruvannamalai

DMK hits out at Centre as I-T raids continue on premises linked to EV Velu
Updated On : 06 Nov 2023 | 1:04 PM IST

Cooperating with authorities, promise all support: Lenovo on I-T searches

Chinese PC maker Lenovo on Thursday said it is cooperating with authorities and promised all support in the matter of searches carried out by Income Tax Department at its premises. The department conducted searches at Lenovo's Gurugram and Bengaluru premises on Wednesday as part of a tax evasion probe against the company and some of its affiliates. As responsible corporate citizens, we adhere strictly to all applicable laws, regulations, and reporting requirements in every jurisdiction in which we do business. We are cooperating with the authorities and will provide all possible support required," a Lenovo spokesperson said. The company clocked USD 1.9 billion revenue in India in 2022-23, with 17 per cent market share in the country. According to sources, the department suspected tax evasion and hence, launched the searches to gather evidence and corroborate actionable intelligence obtained by it in this regard.

Cooperating with authorities, promise all support: Lenovo on I-T searches
Updated On : 28 Sep 2023 | 12:51 PM IST

Income Tax dept conducts search operations at Lux Industries premises

The Income Tax department Friday conducted search operations at the various premises of hosiery major city-based Lux Industries Limited, the company said in a regulatory filing. It is alleged that the company had evaded taxed to the tune of Rs 200 crore. The company in its regulatory filing with the BSE said that a search is being conducted at the premises of the firm and full cooperation is being extended to the central agency's officials. "We would like to further inform that as the survey is yet to conclude, we are unable to make the assessment of its impact. Once the survey concludes the company will update the stock exchanges in case there is any material impact resulting from the above survey," the company said. The company shares fell 3.02 per cent on the NSE and closed at Rs 1473.50 apiece.

Income Tax dept conducts search operations at Lux Industries premises
Updated On : 22 Sep 2023 | 7:10 PM IST

Haier offices raided by income tax authorities at multiple locations

The raids, conducted on Friday, are in connection to suspected tax evasion case

Haier offices raided by income tax authorities at multiple locations
Updated On : 28 Jul 2023 | 1:08 PM IST

I-T dept searches businesses linked to 2 BRS MLAs, MP in Telangana

Income Tax department sleuths on Wednesday conducted searches at commercial establishments linked to BRS MLAs P Sekhar Reddy and M Janardhan Reddy and MP K Prabhakar Reddy here and at various locations in Telangana. According to sources, the I-T officials conducted searches to verify tax payments of the firms belonging to the MLAs and the MP. Media reports suggested that I-T searches were also conducted at some of the shopping malls belonging to Janardhan Reddy, who represents the Nagarkurnool Assembly constituency. Prabhakar Reddy is Medak Lok Sabha member while Sekhar Reddy is Bhongir MLA. Meanwhile, speaking to media on the raids, the Medak MP described them as politically motivated. In order to tarnish the image of the BRS party before the elections, the searches are being carried out. All our businesses are open and clean, Reddy said.

I-T dept searches businesses linked to 2 BRS MLAs, MP in Telangana
Updated On : 14 Jun 2023 | 8:00 PM IST

I-T dept detects Rs 40 cr 'unaccounted' money after raids on business group

The income tax department has detected alleged black income of more than Rs 40 crore after it recently raided a West Bengal-based group "controlled" by a person with an active political background, the CBDT said Tuesday. The sleuths also seized cash and jewellery worth Rs 2.73 crore during the searches on the business group which has not been identified. The taxmen alleged that the group was "suppressing" its yield and making unaccounted cash sales of edible oils and DORB (de-oiled rice bran). "Several instances of cash transactions not recorded in regular books of account have been detected during the search operation," the Central Board of Direct Taxes (CBDT) said in a statement without specifying when the searches were conducted. The CBDT frames policy for the I-T department. It said the group is engaged in a variety of businesses ranging from production and sale of edible rice bran oil, mustard oil, DORB, different types of chemicals and real estate, etc. A total of 23 premis

I-T dept detects Rs 40 cr 'unaccounted' money after raids on business group
Updated On : 16 May 2023 | 6:48 PM IST

Uflex down 25% in 1 wk on tax raid report, hits lowest level since May 2021

Shares of Uflex India tumbled 15 per cent to Rs 366 on the BSE in Monday's intra-day trade

Uflex down 25% in 1 wk on tax raid report, hits lowest level since May 2021
Updated On : 27 Feb 2023 | 11:08 AM IST

I-T department searches multiple branches of RS Brothers in Hyderabad

The Income Tax (I-T) Department was conducting searches at multiple locations in Hyderabad on Friday

I-T department searches multiple branches of RS Brothers in Hyderabad
Updated On : 14 Oct 2022 | 2:14 PM IST

Chhattisgarh will soon see ED, I-T raids for housing Jharkhand MLAs: Baghel

Chhattisgarh Chief Minister Bhupesh Baghel on Friday said his state is soon going to witness raids by the Enforcement Directorate (ED) and the Income Tax (I-T) department because MLAs of the ruling coalition in neighbouring Jharkhand are staying in a resort near capital Raipur. Talking to reporters at the helipad here, the Congress leader targeted the Bharatiya Janata Party (BJP), saying it does not have faith in democracy. He said MLAs of the United Progressive Alliance (UPA), which consists of the Jharkhand Mukti Morcha (JMM), the Congress and the Rashtriya Janata Dal, have been housed in a resort on the outskirts of Raipur to protect democracy. The BJP does not have faith in democracy. Jharkhand (ruling coalition) MLAs are staying in Raipur and we have welcomed them. Now, the BJP is protesting against it. My well wishers have informed me that soon the state will see raids by the ED and I-T because we have stationed Jharkhand MLAs here to protect democracy, Baghel said. The CM

Chhattisgarh will soon see ED, I-T raids for housing Jharkhand MLAs: Baghel
Updated On : 02 Sep 2022 | 11:10 PM IST

I-T dept detects Rs 250 cr 'black' income after Kolkata business group raid

The Income-tax department has detected "unaccounted" income of more than Rs 250 crore after it recently raided a Kolkata-based group engaged in manufacturing of power transmission and distribution equipments apart from few other businesses, the CBDT said Thursday. The searches were launched on August 24 and 28 on the premises of the group, which is also involved in manufacturing of steel pipes and polymer products, in West Bengal and Jharkhand. "Evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan, etc. has also been found and a preliminary analysis of seized evidence reveals that several shell (bogus) companies have been utilised by the group to provide accommodation (hawala) entries to its flagship concerns," the Board said in a statement. The Central Board of Direct Taxes (CBDT) frames policy for the tax department. The shell entities have been found to have routed back the unaccounted money in the guise of share capital or unsecure

I-T dept detects Rs 250 cr 'black' income after Kolkata business group raid
Updated On : 01 Sep 2022 | 1:40 PM IST

I-T team raids J'khand hotel to nab 'close aide' of Partha, unsuccessful

An Income Tax Department team conducted a raid at a hotel in Bhandara Park in Hazaribagh district, after getting information about the visit of an alleged close aide of arrested former Bengal minister Partha Chatterjee, officials said on Friday. The person, however, reportedly left the hotel hours before the I-T team arrived. The team, which has been camping in Hazaribagh in connection with another case, received an input from the Enforcement Directorate in Kolkata, that the person was in Bhandara Park allegedly to hide unaccounted money, they said. Personnel of the income tax unit then sealed all the entrances of the park, which comprises a multiplex, a hotel and a marriage hall, the officials said. The man in question "is considered close" to Chatterjee, who was recently arrested from Kolkata by the ED in a school jobs scam, they added. A spokesman of the Income Tax Department, who did not wish to be named, said they conducted raids at the hotel on Thursday for around eight hour

I-T team raids J'khand hotel to nab 'close aide' of Partha, unsuccessful
Updated On : 20 Aug 2022 | 9:18 AM IST

Income Tax Department conducts searches in 18 places in Delhi, Mumbai

The official said that a total of 18 premises across Delhi, Mumbai and Daman were covered during the search action

Income Tax Department conducts searches in 18 places in Delhi, Mumbai
Updated On : 16 Jul 2022 | 7:56 AM IST

Dolo-650 manufacturer faces raids by I-T dept in tax evasion case

A team of more than 20 officers associated with the I-T dept conducted the raids on the pharma company's Race Course Road office

Dolo-650 manufacturer faces raids by I-T dept in tax evasion case
Updated On : 07 Jul 2022 | 2:54 PM IST

I-T Dept raids Dolo-650 manufacturer Micro Lab's office in Bengaluru

The company has sold 3.5 bn tablets since the Covid-19 outbreak in 2020 and earned revenues of Rs 400 cr in a year crushing all rivals, sources said

I-T Dept raids Dolo-650 manufacturer Micro Lab's office in Bengaluru
Updated On : 07 Jul 2022 | 12:03 AM IST

I-T dept raids at 400 locations of liquor barons, others across nation

The Income Tax department on Wednesday started search operations at about 400 locations belonging to various groups, including liquor barons, across the country, sources said

I-T dept raids at 400 locations of liquor barons, others across nation
Updated On : 01 Jun 2022 | 12:05 PM IST