The Income-tax Department has carried out search and seizure operations in the cases of two groups based in Punjab. The group is engaged in Cycle business and was found to be involved in suppression of income by showing bogus intra-group transactions within group concerns. The search action has led to detection of unaccounted income of about Rs. 150 crore.The Income-tax Department has carried out search and seizure operations in the cases of two groups based in Punjab. The group is engaged in Cycle business and was found to be involved in suppression of income by showing bogus intra-group transactions within group concerns. The search action has led to detection of unaccounted income of about Rs. 150 crore.taxmann.com Latest Statutory HappeningsRead More
