Raids In Karnataka Resulted In The Discovery Of Rs 750 Crore In Untaxed Income
Update: 2021-10-14 11:35 IST
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As per the income-tax department, raids on the homes and offices of three contractors, particularly those reportedly connected to former chief minister BS Yediyurappa and his son BY Vijayendra, netted an unreported income of Rs 750 crore previous week.
Following the search, the I-T sleuths discovered undeclared cash worth Rs 4.7 crore, jewellery worth Rs 8.7 crore, and silver goods worth Rs 30 lakh, as well as physical and digital proof.
On October 7, inspectors from the Internal Revenue Service searched 47 locations belonging to three contractors in four states.
These groups, according to I-T officials, were involved in revenue suppression by making phoney purchases, inflating labour expenses, and filing bogus subcontract expenses.
One of the groups claimed to have incurred fake subcontract charges in the names of 40 people with no connections to the construction industry. According to the announcement, the contractors have admitted to receiving Rs 487 crore in undeclared money out of a total of Rs 750 crore in unreported income.
On Tuesday, IT sleuths searched the Bengaluru headquarters of Design-Boxed, a Gujarat-based image and political consulting firm. According to reports, Congress state unit president DK Shivakumar has hired the agency to help him develop political strategy and improve his image in the run-up to the 2023 assembly elections.