Income Tax Department conducts search on politically exposed persons
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- Last Updated on 9 November, 2022
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Press Release, dated 08-11-2022
The Income-tax Department has carried out a search and seizure operation on business groups engaged in coal trading/transportation, execution of civil contracts, extraction of iron ore, and production of sponge iron. Those searched include two politically exposed persons and their associates.
The search operation also revealed that one of the groups engaged in civil contracts was not maintaining regular books of account. The group has been inflating its expenses by entering into non-genuine transactions of purchase of raw material/sub-contract expenses in lumpsum at the fag end of the year.
So far, the searches have revealed unaccounted transactions/investments exceeding Rs 100 crore.
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