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Most Profitable IT Raid Of 2023? Here’s What Was Found


In a series of coordinated raids, the Income Tax department uncovered a web of intricate tax evasion schemes spanning across multiple states. Initiated last Thursday, the extensive operation, covering 55 locations in Karnataka, Andhra Pradesh, Telangana, and Delhi, culminated this Monday, revealing a staggering sum of assets valued at approximately Rs 102 crores, inclusive of substantial amounts of undisclosed cash. The IT department, in its official statement, confirmed that the targets of the raid included various contractors, their associates, and business entities.

DNA Explainer: What are Income Tax raids, who orders them and how do they  take place?

Source: DNA India

During the thorough five-day search, officials seized a total of Rs 94 crore in unaccounted cash. Among the confiscated assets were gold and diamond jewelry worth Rs 8 crore, along with a cache of 30 high-end foreign-made watches, retrieved from an employee of a private company. 

IT raid on BJP MLC's residence, 50,000 sarees, 20,000 bags seized ahead of  Karnataka polls-

Source: The New Indian Express

An investigation into the seized documents uncovered a trail of fake purchase records and manipulated expenditure documents employed to understate income, thereby evading taxes. Evidently, the IT department found discrepancies in the purchase quantities and the corresponding shipment quantities, indicating potential discrepancies in the records.

The scrutiny also revealed an array of underhanded tactics adopted by the involved parties, including the creation of counterfeit documents during transactions with sub-contractors, as well as the inclusion of non-work-related expenses in accounting records. Notably, the presence of unreported ‘connection’ expenses added to the complexity of the scheme. 

Kanpur IT Raid: Rs 150 Crore Recovered In IT Raid On Piyush Jain UP  Businessman

Source: NDTV

The entities involved were found to be engaged in substantial amounts of undisclosed cash transactions, with no trace of these transactions in their official accounts. Consequently, the investigators uncovered a treasure trove of crucial evidence, comprising accounting sheets, books, and digital data illuminating the extent of tax evasion, irregular cash transactions, and contractual manipulations. These findings show that some contractors and business people are using tax evasion strategies employed by certain contractors and businessmen, ultimately necessitating stringent measures to curb such malpractices.

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