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IT searches reveal massive import under-invoicing
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SME Times News Bureau | 16 Oct, 2021
The Centre on Saturday said that the Income Tax Department recently
carried out 'search and seizure' operations at various locations around
the country to unearth massive under-invoicing of imported products such
as laptops, mobile phones and peripheral parts.
According to the
Ministry of Finance, the operations were carried out on an importer and
trader of laptops, mobile phones and peripheral parts".
Notably,
the search operations which commenced on October 10 were spread across
the National Capital Region, Haryana and West Bengal.
As per the
ministry, during the search operations, several incriminating documents,
diaries and digital evidences have been found which reveal that the
group is entrenched into large scale under-invoicing and wrongful
declaration of goods imported by it.
Besides, large number of
evidences indicating unrecorded transactions, unaccounted investment in
properties, bogus loans taken, amongst others have also been gathered.
"The
modus operandi 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. Upon clearance at
port(s), such goods have been found to be distributed throughout India
by way of out-of-books cash transactions."
"This aspect has been
fortified while searching one of the containers at Kolkata Port, where
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."
Accordingly,
the ministry said that evidences found and seized during the course of
the search reveal that the payments for such under-invoiced goods to the
foreign consigners have been made through hawala channels.
"Almost the entire business has been found to be run through such modus-operandi.
Though
the value of imports declared at the port of entry by the use of such
shell entities in the past 3 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
wealth, so generated, has been used for acquisition of high value
immovable properties; disguising of cash introduced in the form of bogus
rental income and bogus unsecured loans; and deposits in foreign bank
accounts."
In addition, the ministry said that during the course of the search, unaccounted cash worth Rs 2.75 crore has been seized.
Further investigations are in progress.
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