New Delhi: The Income Tax Department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a real estate group of Delhi-NCR covering more than 35 premises across Delhi-NCR, on March 23, said Ministry of Finance.
The ministry in an official statement said that during the course of the search operation, various incriminating documents and digital evidence have been found and seized indicating that the expenses ostensibly shown to have been claimed for business purposes are not fully supported by evidence. Expenditure aggregating more than Rs 800 crore has been booked in the guise of the purchase of services from a specific event management entity. This entity has siphoned-off the money by way of layering. Such claims towards non-business purposes are inadmissible expenditures under the provisions of the Income-tax Act, 1961.
