Tax Raid

ED raids German company's subsidiary in case of fraud involving Rs 130 cr

The Enforcement Directorate on Saturday said it has frozen bank deposits, mutual funds and other financial investments worth more than Rs 9 crore as part of a money laundering probe against some former employees of a Pune-based subsidiary of a German firm who allegedly diverted company funds to the tune of crores of rupees. Searches were undertaken at six locations in Pune, Maharashtra and Delhi-NCR on September 4, the central agency said in a statement. The premises of the former employees and some vendors who worked "hand in gloves" with them were raided, according to the ED. The money laundering case stems from a Pune Police (Chakan police station) FIR based on a complaint made by the MD of HUF India Pvt Ltd., a subsidiary of German-based company HUF Halswerk & Furst GMBH & Co. KG, that is engaged in the production of electronic remote-control systems for four-wheeled vehicles. The company had an annual turnover ranging from Rs 100 crore to Rs 300 crore. It was alleged in ..

Updated On : 07 Sep 2024 | 7:37 PM IST

G20 draft communique sees growing chance of global economic 'soft landing'

Speaking to the press, Brazil's G20 finance track coordinator, Tatiana Rosito, said negotiations were ongoing, but she "firmly" believed there would be consensus for an extensive joint statement

Updated On : 24 Jul 2024 | 10:52 AM IST

Congress moves Delhi HC challenging dismissal of plea in tax penalty case

The Congress on Monday moved the Delhi High Court challenging the dismissal of its plea by the Income Tax Appellate Tribunal (ITAT) against the imposition of penalties for discrepancies in certain tax returns. The matter was mentioned by senior advocate Vivek Tankha before a bench of Acting Chief Justice Manmohan and Justice Tushar Rao Gedela. Tankha said it was an urgent matter as the accounts of the political party have been frozen. Acting Chief Justice Manmohan agreed to list the case for hearing during the day if the petition is in order. Last week, the ITAT had dismissed the Congress' appeal against the imposition of penalties for discrepancies in tax returns for previous years. The party has earlier said the I-T tribunal order freezing its funds was "an attack on democracy" as it had come ahead of the Lok Sabha polls. According to sources, the tribunal had dismissed the Congress' appeal against the imposition of penalties amounting to Rs 210 crore by the Income Tax departme

Updated On : 11 Mar 2024 | 11:22 AM IST

I-T dept found unaccounted sales of Rs 1,000 cr during raid against Polycab

The Income Tax department has detected "unaccounted cash sales" of about Rs 1,000 crore after it recently raided the Polycab group, a prominent wires, cables and electrical items manufacturer, the CBDT and official sources said on Wednesday. Unaccounted cash of more than Rs 4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched against the group on December 22 last year, the Central Board of Direct Taxes (CBDT) said in a statement. It said a total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were covered. Some of the authorised distributors of the group were also covered in the searches, the CBDT, which is the administrative body for the Income Tax department, said. The CBDT statement did not name the group but official sources confirmed it to be Polycab India Limited. Polycab India issued a clarification to stock exchanges earlier in the day terming reports of "tax evasion

Updated On : 10 Jan 2024 | 9:05 PM IST

I-T dept raids ex-IFA secretary's premises over financial irregularities

The Income Tax Department on Monday conducted raids at premises associated with former Indian Football Association (IFA) secretary Utpal Ganguly in connection with its ongoing probe into financial irregularities in the foreign liquor trade, an official said. I-T officials were checking relevant documents and speaking with Ganguly at his Dhakuria residence, around which a cordon was laid by jawans of central forces since morning. "Our officers are speaking with Ganguly and scrutinising documents related to the trade of IMFL (Indian-made Foreign Liquor) with which he was associated," the official said. Searches were also underway at a couple of offices associated with Ganguly in Ballygunge and Cossipur areas of Kolkata, he said. Ganguly, who held the post of IFA secretary for three terms spanning 12 years, could not be reached for reaction. He had stepped down from the post in 2019.

Updated On : 11 Dec 2023 | 12:56 PM IST

Cash seizure in Odisha I-T raids goes past Rs 300 crore, counting still on

The cash seizure in the income-tax department's searches against an Odisha-based distillery company has become the "highest-ever" such haul in a single action conducted by any probe agency in the country and gone past Rs 300 crore, official sources said on Sunday. The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday. The raids were launched on December 6 by the taxman on charges of tax evasion and "off-the-book" transactions. The sources told PTI that cash to the tune of more than Rs 300 crore has been counted till now and the counting is still on. The department believes that the entire cache of currency is "unaccounted" money earned from cash sales of country liquor by the business group, distributors and others. This is the highest-ever cash seizure made by an agency in the country as part of an action against a single group and entities linked to it, the sources had said. Some of the high-value seizures in the pa