IT Department detects import under-invoicing, tax evasion by laptop firm
By MYBRANDBOOK
The Income Tax Department has detected "large-scale" under-invoicing of imports after it recently raided a trader of laptops and mobile phones, the CBDT said. The searches were carried out on October 10 at locations in the National Capital Region, Haryana and West Bengal. Almost the entire business has been found to be run through such modus operandi," the Central Board of Direct Taxes, the policy-making body for the tax department, said in a statement. The evidences found and seized during the course of the search reveal that the payments for such under-invoiced goods to foreign consigners have been made through hawala channels. It said Rs 2.75 crore cash was seized during the operation.
The taxman found that the modus operandi of the trading group "involves import of goods in the name of shell entities at under-valued and/or wrongful declaration of description of goods imported, with an intent to evade customs duty," it said. Upon clearance at port(s), such goods have been found to be distributed throughout India by way of out-of-books cash transactions," the statement said.
Though the value of imports, it said, declared at the port of entry by the use of such shell entities in the past three years is about Rs 20 crore, it is estimated that the actual value during this period could be more than Rs 2,000 crore, given the scale of "massive" under-valuation detected.
The CBDT said that a container kept at the Kolkata port was searched and the bill of lading declared the goods as 'HDMI cables' valued at Rs 3.8 lakh. However, on de-sealing and searching the same, it has been revealed that the actual goods imported are high-value items like laptops, mobile phones etc. which are valued at Rs 64 crore," it claimed.
BREAKING NEWS
TECHNO TRENDS
Happiest Minds brings in an innovative GenAI chatbot
Happiest Minds Technologies has announced the new GenAI chatbot - ‘hAPPI...
Government mandates encryption for CCTV cameras to ensure netw
In the wake of issuing an internal advisory on securing CCTV cameras at g...
TRAI recommends allowing only Indian entities to participate i
The Telecom Regulatory Authority of India (TRAI) has recommended that onl...
Galaxy AI is available on more devices with Samsung One UI 6.1
Samsung has expanded the range of smartphones to which One UI 6.1 and Gala...
E-Magazine
TECHNOTAINMENT
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
Miss World 2024: Krystyna Pyszková of the Czech Republic wins
Krystyna Pyszková of the Czech Republic has been crowned as the 71st Miss
MOVERS & SHAKERS
Brillio appoints Ashish Singh to its Board of Directors
Brillio has announced that Ashish Singh has been appointed to the company
JSW One Platforms ropes in Dr Ranjan Pai as Independent Direct
JSW One Platforms, part of US$23 billion JSW Group has appointed Dr Ranjan
OPEN YOUR EYES
INTERVIEWS
MEASURE AND IMPROVE YOUR SECURITY POSTURE WITH KEYSIGHT
Is your security team prepared for the next cyber-attack? Are your security
ESDS commits to presenting clients with the latest technology
According to a NASSCOM report, the Indian IT industry experienced its stron
HOT PICK
HP launches first laptop in India with Microsoft CoPilot butto
HP has launched sleek and stylish Envy x360 14 laptops in India which beco
OnePlus debut its Nord CE4 smartphone
OnePlus Nord CE4 continues the trend of attention-grabbing design with two
MAKE IN INDIA BRANDS
MICROMAX INFORMATICS LTD.
NUMERIC INDIA, A Group Brand Legrand
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
SECUREYE SERVICES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Rajiv Memani
As Chair of the EY Global Emerging Markets Committee, Rajiv connects e...
Technology Icons Of India 2023: Nikhil Rathi
Nikhil Rathi, Co-founder & CEO of Web Werks, a global leader in Data C...
Technology Icons Of India 2023: Byju Raveendran
Byju Raveendran is the founder of edutech start-up Byju’s. Raveendra...
PARTNER SPEAKERS
PSU
CSCs enabling rural India digitally empowered
Common service centres (CSCs) are digital access points under the Digi...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
VIDEOS
Top 25 Brands
Value-Added Distribution
ADITYA INFOTECH LTD.
Aditya Infotech Ltd. (AIL) – the technology arm of Aditya Group, is ...
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...
EXCLUSIVE NETWORKS SALES INDIA PVT. LTD.
Exclusive Networks is a globally trusted cybersecurity specialist hel...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
