The Income Tax Department has begun its next round of action against all thoseentities and individuals who are still hiding theblack money.
From Thursday morning, the Income Tax officials conducted searches at about 60 premises in many cities.
Three big entities are being caught by I-T officials in Ahmedabad, Pune , Thane , rajkot , Mumbai and other cities to discover the hidden black money. These big entities were Montecarlo Construction in Ahmedabad, Poona Daal and Besan Group in Pune, Sadbhavna Enterprises in Ahmedabad, Thane and Mumbai (19 premises).
Sushil Chandra, chairman ,Central Board of Direct Taxes states that it was the first major action after The Pradhan Mantri Garib Kalyan Yojna which got over on 31st March 2017.
Post Demonetization, the department has complete data in hand. These searches will be conducted for some more days on different entities and in different cities stated and official.
In case of Sadbhavna Enterprises , the IT official found tax evasion to the tune of over 100 crore. Montecarlo , the department confirmed that the company was using “bogus” entry deposits through its alleged shell firms and operators for fake sub-contract charges and various other expenses.
The searches are still going on at other locations and would take more time to quantify the total evasion by other two entities.