IT department detects underbilling of imports and tax evasion by the laptop company

The searches were carried out on October 10 at locations in the national capital, Haryana and the West Bengal region.

“The evidence found and seized during the course of the search reveals that payments for said under-invoiced goods to foreign consignees have been made through hawala channels.

“It has been discovered that almost the entire business is run through such a modus operandi,” the Central Board of Direct Taxes, the policy-making body for the tax department, said in a statement.

He said that Rs 2.75 million in cash was seized during the operation.

The tax collector found that the trade group’s modus operandi “involves the importation of goods on behalf of shell entities in an undervalued and/or incorrect description of imported goods, with the intention of evading customs duties,” he said.

“Following clearance at port (s), such goods have been found to be distributed throughout India through off-the-books cash transactions,” the statement said.

Although the value of imports, he said, declared at the port of entry through the use of such ghost entities in the past three years is about Rs 20 million, it is estimated that the actual value during this period could be more than 2,000. million rupees. , given the scale of “massive” undervaluation detected.

The CBDT said that a container kept in Kolkata port was searched and that the bill of lading declared the products as ‘HDMI cables’ valued at Rs 3.8 lakh.

“However, by removing the seal and looking for the same, it has been revealed that the imported real goods are high-value items such as laptops, mobile phones, etc., which are valued at Rs 64 crore,” he stated.

The statement alleged that the illicit wealth “has been used for the acquisition of high-value real estate, disguised as cash introduced in the form of bogus rental income and bogus unsecured loans and deposits in foreign bank accounts.”