I-T Raids in Ludhiana reveal unaccounted income worth crores

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Leeford Healthcare, Vasu Multi Metal Pvt Ltd and Pooja Overseas were raided. Fakir Chand & Sons and a Pathological scan centre were raided

The Hush Post: Income Tax raids conducted in Ludhiana have revealed undisclosed income worth several crore.

The Ludhiana Income Tax Department carried out raids on various pharmaceutical and drug companies in the city. In Ludhiana, Leeford Healthcare, Vasu Multi Metal Pvt Ltd and Pooja Overseas were raided. Fakir Chand & Sons and a Pathological scan centre were raided in Moga.

According to a news report in The Times of India, the Income Tax Department first conducted a survey on Leeford Healthcare. A huge cache of cash was found from their Dhandra Road Office. After this find, the Department converted the survey into a raid.

Post-obtaining search warrants from the principal director investigation (Punjab and Jammu -Kashmir), the Income Tax Department raided the office and residence located on Pakhowal Road of the owners of the pharma company.

The firm has now agreed to surrender Rs 5 crore as undisclosed income to the Income Tax Department. This amount will have to be deposited by March 31. The company will also have to pay an almost equal amount as tax on the undisclosed income. This is as per new rules under the Income Tax Act.

As per reports, the pharma company despite having a turnover of several crore, was suppressing profits by transferring them to other companies. The company was also siphoning off profits to other concerns.

A statement issued by the Income Tax Department talked of another successful raid conducted against a doctor in Malerkotla.

As per the statement issued by the CCIT office: “The I-T department successfully concluded two Survey/Search Operations yesterday. The first, which commenced as a Survey action on a leading Pharmaceutical and Healthcare company of Ludhiana which started on March 22 by Range 4 of Income-tax Department, Ludhiana under the leadership of DV Choudhury, (Principal Commissioner of Income-tax), Rohit Mehra (additional commissioner of income tax) and Maninder Kaur, (Deputy Commissioner of Income Tax) resulted in discovery of unaccounted cash of around Rs. 1 crore hidden In the assessee’s premises, in addition to other evidence of tax evasion. This was one of the major find and subsequent seizure of unaccounted cash as a result of any survey operation in this Region, specially in the post demonetisation period.’’

The statement further said: “In view of this large amount of unaccounted cash found, the Investigation wing of the Department had to be called in to seize the unaccounted cash and carry out a thorough search in the assessee’s premises. The consequent search under the leadership of Parneet Sachdev (Principal Director of income tax) and Ritesh Parmar (Additional director of income tax) resulted in detection of undisclosed income to the tune of Rs. 5 crore due to which the assessee would now have to much higher rates of tax apart from penalty.’’

The statement added: “In the second Survey Operation in Malerkotla carried out on a doctor, unaccounted income of over Rs. 40 lakh was admitted by the assesses. Meanwhile more than 33,000 new assesses have filed returns of income since March 6, 2018 alone, and the total tally of new assesses joining the fraternity of taxpayers in Ludhiana Region this year, to help build a strong and prosperous India, has touched over 2.54 lakh so far. A large number of people to whom communication has been sent and others in respect of whom Data is available have not yet paid their due tax or filed returns of income. We are expecting that people will come forward in large numbers before 31st March to submit returns online, or at the ASK Centres, or the facilitation centres that would be set up for them in the coming days. This will help them not only to avoid penalties and prosecution in the near future but also become honest and proud taxpayers.’’

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