Expenditures of more than RS 800 Crore in books Heroes Motocorp is not for business purposes but made for services from the event management company, which allegedly sucked up the number, according to the Income Department investigation into the income tax department. Siphoning off is done through the Shell firm. “Such claims for non-business goals are unacceptable expenditures under the provisions of the income tax law, 1961,” Direct Tax Council (CBDT) stated on Thursday without giving a company name.
This statement followed a broad search for three days in the place of the company, Chair and Director of Pawan Munjal, and others. “During search operations, various burdensome documents and digital evidence have been found and confiscated, indicating that the costs that turned out to be proven to be claimed to business goals were not fully supported by evidence,” CBDT shows The department also found that 10 hectares of agricultural land in Delhi were purchased through several paper companies. In this transaction, countless cash components from more than RS 60 Crore are said to be involved.
“The real beneficiaries of land transactions are a leading person from the car manufacturer group. The intermediary that facilitates the agreement has admitted in his statement that most of the sales considerations are paid in cash,” said the statement Apart from this, some burdensome documents have been excavated from the premise of people involved in the real estate business. It contains a record of “on-money transactions” where cash is accepted as a substitute for sales units in their various real estate projects in Delhi.
In terms of companies that operate rented flights, evidence related to counterfeit and non-recognition costs for income on RS 50 Crore, spinning funds and suspicious loans through non-banking financial companies that doubt on the main people, layering and Reap. – Explore funds through paper companies and claim fake interest costs, etc. – All of this is suspected of being excavated In addition, unexplained cash exceeds RS 1.35 Crore has been confiscated and jewelry worth more than RS 3 Crore has been stored while restraint.