The Income Tax department has discovered over Rs 1000 crores in false expenses and cash transactions over Rs 100 crores for a farmhouse in Chattarpur, Delhi.
The IT department carried out search and seizure operations against the company and it’s Chairman and MD, Mr. Pawan Munjal, on 23rd March at over 40 premises all over Delhi NCR. The operation ended on 26th March.
A significant amount of evidence has been gathered in the form of physical and digital data which incriminates the company of booking bogus purchases, making unaccounted cash expenditures and making accomodating entries to the scale of Rs 1000 crores. Evidence of cash transactions of Rs 100 crore for the purchase of a farmhouse have also been recovered.
Mr. Pawan purchased a farmhouse in Chhattarpur where the market price of farm house was manipulated to save tax and used black money to pay cash more than Rs 100 crore which is a violation of section 269 SS. According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if the seller has accepted an amount of Rs 20,000 or more in cash from the buyer.
Highlight by Aman Agarwal.