Two days after conducting search and seizure operations at 30 locations in Uttar Pradesh and Karnataka, the Income Tax Department on Tuesday said it has unearthed undisclosed income, bogus loans and investments in benami properties – all amounting to hundreds of crores of rupees.
The statement did not name any individual or company, but sources confirmed that the details pertain to the latest searches at the premises of aides of opposition leaders in Uttar Pradesh.
On Saturday, the tax department searched the houses of A. Samajwadi Party The (SP) leader and three others are considered close to SP president Akhilesh Yadav.
The tax department said that several entities engaged in civil construction were found involved in claiming fraudulent expenditure of crores of rupees. “In the case of a company, undisclosed income of the directors of the company in excess of Rs.86 crore has been detected…”.
Pointing out that shell companies were allegedly used for funding, the department said it has identified unexplained income and investments of around Rs 12 crore as well as unexplained investment of Rs 11 crore in a shell company. Another case detected.
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