Thursday, Oct 28 2021 | Time 23:47 Hrs(IST)
Business Economy

I-T department raids textile firm, claims Rs 350 crore stashed in foreign accounts

New Delhi, Sep 21 (UNI) Carrying out a search and seizure operations on a leading textile company, the Income Tax (I-T) department has claimed that the firm had hidden Rs 350 crore in foreign banks and also routed these funds back into its business through shell entities in tax havens.
The search and seizure operations covered the company's offices in Punjab, Delhi and West Bengal.
"The modus operandi detected was related to investment by foreign entities, under control of the group, in Foreign Currency Convertible Bonds (FCCB), issued by its main concern, and subsequently under the garb of defaulting on payments, converting it into shares of the company," the tax department said.
The tax department said that it had noticed that foreign companies and trusts were being paid management fees for managing the unaccounted funds.
"Though there is a specific requirement of disclosing foreign assets owned/managed in the form of companies and bank accounts in Schedule FA in Income Tax Returns, the same has not been disclosed by the group to the Department," it said in a statement.
The official statement said that the company under scanner generated cash of about Rs 100 crore by debiting bogus expenditure in company accounts and cash transactions in land deals.
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Tata Power posts 36 pc increase in Q2 consolidated PAT at ₹506 crores

28 Oct 2021 | 9:30 PM

New Delhi, Oct 28 (UNI) In a strong showing across the board, Tata Power recorded a 36% Y-o-Y increase in consolidated PAT at ₹506 crores due to strong all round business performance by all verticals, according to the Q2 FY22 results declared on Thursday.

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Blue Star Q2 results: AC maker posts net profit of Rs 31 45 Cr

28 Oct 2021 | 8:53 PM

Mumbai, Oct 28 (UNI) Air conditioning and commercial refrigeration maker Blue Star on Thursday reported a net profit of Rs 31.45 crores during second quarter ended September 2021 compared to Rs 15.40 crores in Q2 of FY21.

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Hero Motors, Yamaha JV to manufacture E-Cycle drive motors

28 Oct 2021 | 8:48 PM

New Delhi, Oct 28 (UNI)
Automotive component manufacturer Hero Motors Company and Yamaha Motor Company on Thursday entered into an agreement to create a global E-Cycle drive unit company with robust product portfolio. The boards of directors of both companies have approved the transaction under which a manufacturing unit will be set up in India to manufacture E-Cycle drive motors for the global market.

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Volvo Car India launches Petrol Mild-Hybrids in West Bengal

28 Oct 2021 | 8:17 PM

Kolkata, Oct 28 (UNI) In order to offer the best global technology to the savvy luxury consumers in West Bengal, Volvo Car India on Thursday launched two new petrol mild-hybrid models- the luxury sedan S90 and the Volvo’s best-selling mid-size luxury SUV XC60.

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Door to investment in Rajasthan - Officials to hold investment Pre-Connect meet for inviting investment: Rajasthan comes to Kolkata

28 Oct 2021 | 6:52 PM

Kolkata, Oct 28 (UNI) Officials from Rajasthan State Industry and Commerce Department, state government's nodal industrial development body RIICO, Bureau of Investment Promotion and Rajasthan Foundation will be in Kolkata on Friday for an investment Pre Connect Program where
the investors will be informed regarding the various investment opportunities in Rajasthan and the investment friendly policies of the state government.

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