IT spots ` 1,500cr unaccounted transactions
Searches allegedly have connections to businessman-cum-actor Sachiin’s JMJ
In searches spanning for six days, the Income Tax (IT) Department action has led to detection of unaccounted transactions of around Rs 1,500 crore of a group engaged in the business of manufacturing of gutkha, pan masala and allied substances, besides having operations in the hospitality sector.
While the department did not disclose the name of the group, the searches are allegedly linked to Sachiin Joshi’s JMJ Pvt Ltd. Joshi has been arrested by another agency–the enforcement directorate–in a money laundering case. The searches were conducted from February 8 to February 13.
“The search and seizure action has led to detection of foreign assets lying with a company registered in taxhaven British Virgin Islands (BVI) with an office in Dubai and controlled and managed by the chairman of the group. The net worth of the
BVI company is Rs 830 crore created by siphoning funds from India. This fund has been round tripped to India in the form of share premium amounting to Rs 638 crore in the flagship companies of the group,” the IT department said on Monday in a statement.
It further added, “During the search action, various digital evidences and forensic analysis have yielded email communication, establishing control and management of the company with the promoter of the group searched. One of the employees, who was also a shareholder in the BVI company, was identified and cross examined with the promoter. It has been accepted by the parties involved that the employee was not aware about being a shareholder in the company and he had signed papers on the instruction of the main promoter,”
According to IT, it has been found that the group has availed bogus deduction under section 80IC of the Income-tax Act, 1961 to an extent of Rs 398 crore. The group set up two entities in Himachal Pradesh and the group was found to indulge in sham transactions in order to claim the aforesaid false deduction. Apart from the above, unaccounted production of pan masala of an amount of Rs 247 crore at two factory premises of the group has also been detected
during the search.
It has also been seen that the assessee has falsely claimed deduction u/s 10AA of the Income-tax Act, 1961 of Rs 63 crore in the Gandhi Dham unit, the probe revealed. During the search ac
tion, cash of Rs 13 lakh has been seized and jewellery amounting to Rs 7 crore was found and has been put under prohibitory orders. Prohibitory orders have also been placed on 16 lockers and in 11 premises.
In yet another incident which exposes the deteriorating law and order in the region, two men were injured after they were shot at by some unidentified assailants outside a bar in Nallasopara on Sunday night.
According to the police, the shoot-out was reported outside Q-n-Q Bar located in the Moregaon area of Nallasopara (E) in Palghar district at around 9:15 pm. The shootout is believed to be a fallout of personal enmity as the victims who were injured have a criminal background.