As per a Press Release issued by Finance Ministry, the Income Tax Department, based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, conducted a search operation at various premises of these Chinese entities, their close confederates and couple of bank employees.
Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 Crore over the period.
A subsidiary of Chinese company and its related concerns have taken over Rs 100 Crore bogus advances from shell entities for opening businesses of retail showrooms in India.
Further, incriminating documents in respect of hawala transactions and laundering of money with active involvement of bank employees and Chartered accountants has been found as a result of search action.
Evidences of foreign hawala transactions involving Hongkong and US dollars have also been unearthed. Further investigations are under progress.
ITAT quashed order u/s 263 enhancing disallowance observing in appellate proceedings, CIT(A) has power of enhancements of income assessed, if…
Section under which penalty should be initiated cannot be subject matter of revisionary jurisdiction under section 263 of Income Tax…
Related party transaction u/s 40A(2) shall be treated as bona fide, unless AO finds that one of them is trying…
The word ‘transfer of property’ does not include ‘acquiring’ of property or ‘purchasing’ of property and only can be confined…
AO is not justified in questioning the cash withdrawals from bank account on the ground that the assessee had sufficient…
Return/Balance sheet to be considered as being within time if filed within timeline condoned by Hon'ble Supreme Court due to…