I-T Department raids benami businesses running web of petrol pumps
By India Today 10-Aug-2019
These persons were depriving the state government of legitimate revenue by suppressing sales and non-deposit of local taxes collected, while also indulging in massive evasion of income tax by misusing exemption under Section 10(26) of the Income Tax Act, 1961 meant for tribal persons.
In the operation that commenced in the early hours and went on till wee hours of the next day, more than Rs 2 crore of unaccounted cash along with incriminating documents have been seized by officials of the Department. The cash found was hidden in unexpected places like water tanks.
This search by the department was a much-needed action on a long-existing racket run by some unscrupulous elements exploiting local citizens of Meghalaya and avoiding paying income tax using tribal persons who are exempted from income tax, as a front.
The pre-search investigation involved extensive surveillance and covert inquiries which were continuing for over a year.
Following the searches exposing these benami petrol pumps, the Executive Committee (EC) member of Khasi Hills Autonomous District Council (KHADC) in-charge of trade, announced to the media on August 8, 2019, that urgent steps will be taken to prevent benami transactions in the State.
He noted that despite the law, benami transactions are thriving due to collusion between some local people and their non-tribal business partners. The KHADC is a statutory autonomous body which regulates various aspects of trade and commerce in Meghalaya.
'ओला-ऊबर के कारण ऑटो सेक्टर में मंदी' - क्या निर्मला सीतारमण के इस बयान से आप सहमत है ?
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