I-T Department conducts searches on three Punjab-based commission agent groups
The Hindu
The agency found books of accounts, in Laddo script, which showed unaccounted transactions running into crores.
The Income Tax Department has conducted searches on the premises of three Punjab-based prominent commission agent groups, which are also engaged in the business of running steel rolling, rice, flour and oil mills. The premises covered during the operation on September 8 are located in Punjab and Haryana. The agents also run poultries and jewellery shop. “It is found that advances in cash aggregating to crores are given to farmers and interest rates of 1.5 % to 3.00% per month is charged. The interest is received in cash and not shown in the books of account,” said the agency. According to the Department, the groups were suppressing their business receipts and inflating expenses. Most of the cash received and paid was not accounted for. “Certain documents showing payments of on-money in cash in acquiring immoveable properties have been seized,” said the Department.More Related News
Around 440 MBBS graduates of 2021 are not required to undergo one year of compulsory rural service as per the bond signed by them while joining the medical course through government-quota seats in 2015 as the High Court of Karnataka has said the law, enacted in 2012 for mandatory rural service, remained unenforced for 10 years as it was published in the official gazette only in July 2022.