IT Dept unearths Rs 100 cr black income after raid on Gujarat gutkha distributor

The CBDT on Tuesday said that the Income Tax Department has detected unaccounted income of over Rs 100 crore after a recent raid on a Gutkha distributor in Gujarat. Raids were conducted on 16 November at around 15 premises of unknown group in Ahmedabad. The department seized jewelery worth Rs 7.50 crore worth Rs 4 … Read more

Cairn ready to settle case under other retro tax scheme

Cairn Energy and most companies that have had tax disputes related to the controversial 2012 retroactive tax provision have approached the government to settle their cases under the proposed scheme. Vodafone is the only company that has not yet formally applied. The telecom operator has to make his application under a separate provision notified later … Read more

Rs 200 crore black money unearthed after raids on Pune-based business group: CBDT

The CBDT on Tuesday claimed that the Income Tax Department has detected unaccounted income of over Rs 200 crore after raiding a Pune-based business group engaged in manufacturing of heavy machinery like excavators and cranes. On November 11, raids were conducted at 25 places in seven cities. “The search operation has resulted in seizure of … Read more

Black income of Rs 600 crore unearthed after tax department raids on 2 Gurugram clusters CBDT

The CBDT on Monday said that unaccounted income of Rs 600 crore was unearthed by the Income Tax Department after recent raids on two business groups located in Gurugram, Haryana. On November 10, raids were carried out on groups, one dealing with real estate and hospitality and the other being an equipment and equipment manufacturing … Read more

Former CBDT Chairman PC Modi appointed as Secretary General of Rajya Sabha

Pramod Chandra Modi, a 1982-batch retired IRS officer and former chairman of the Central Board of Direct Taxes (CBDT), has been appointed as the new Secretary General of Rajya Sabha, replacing PPK Ramacharyulu. He took charge on Friday. Vice President and Rajya Sabha Chairman M Venkaiah Naidu on Friday appointed Modi as Secretary General of … Read more

IT department deposited Rs 53 crore with Maharashtra based Urban Cooperative Bank

The CBDT on Saturday said that the Income Tax Department has withheld deposits of more than Rs 53 crore of an urban credit cooperative bank in Maharashtra. The department had raided the bank’s headquarters and the residence of its chairman and a director on October 27. While the official statement did not name the entity … Read more