HomeIndiaProbing fictitious transactions of Rs 2200cr, says I-T division after raids on...

Probing fictitious transactions of Rs 2200cr, says I-T division after raids on Dainik Bhaskar | India Information – Kaiserin Magazine

NEW DELHI: The Revenue Tax division on Saturday claimed to have discovered “fictitious transactions” of Rs 2,200 crore two days after conducting raids at a number of places of work of Dainik Bhaskar media group.
“The quantum of earnings escapement utilizing this (shell firms and bogus expenditures) modus operandi, detected thus far, quantities to Rs 700 crore unfold over a interval of 6 years. Nonetheless, the quantum could also be extra because the group has used a number of layers and investigations are being carried out to unravel the whole cash path,” I-T division stated in an announcement.
“These contain violation of S.2(76)(vi) of Corporations Act and Clause 49 of Itemizing Settlement prescribed by SEBI for listed firms. Utility of Benami Transaction Prohibition Act may even be examined,” it added.
The tax division additional claimed that cyclical buying and selling and switch of funds amongst group firms “engaged in unrelated companies” to the tune of Rs 2200 crore has additionally been discovered.
“The enquiries have confirmed that these have been fictitious transactions with none precise motion or supply of products. The tax impact and violation of different legal guidelines is being examined,” it stated.
The IT Division performed raids throughout a number of states in opposition to the Dainik Bhaskar group in addition to Uttar Pradesh-based TV channel Bharat Samachar for alleged tax evasion, drawing a pointy response from a number of quarters, together with an uproar in Rajya Sabha.
The media group, on the day of the raids, had posted a message on its web site saying the federal government was frightened of its true journalism.
From our bodies in river Ganga to Corona deaths, the group that introduced the true numbers in entrance of the nation is being raided by the federal government, it alleged in a message in Hindi.
“I’m impartial as a result of I’m Bhaskar, Solely the readers’ will issues in Bhaskar,” it had stated.

RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments