The Directorate of Investigation here has in the past four months dug out black money to the tune of more than rs 200 crore in four raids (two each in Amritsar and Ludhiana) and another Rs 112 crore in seven survey actions (five in Ludhiana and two in Amritsar).
It seized cash and jewellery worth Rs 8 crore, and secured the highest-ever black money disclosure of Rs 51 crore from KS Agro Group in the Amritsar zone. It targeted hotels, pharmaceutical units, forging units, designers, rice mills, medical professionals, and educational institutes. From VAVCI, Amritsar, it seized rs 11.5 crore, highest ever in a survey action in the zone.
Investigators found out bogus long-term capital gains claims of more than Rs 100 crore, involving more than 130 beneficiaries. Punjab’s director of income tax (DIT) P Sachdev and joint director Rohit Mehra ordered the raids. The Investigation team comprised Amit Dua, Rahul Sohu, Rishi Kumar, Yashwinder Garg, Manoj Kumar, Satbir Singh, Daljeet Pandher, Lovish Shelly, and AL Nayak.
Indian Taxation Advocates Association state president Jatinder Khurana said that under income tax laws, there was a wide difference between a survey and a raid. Under Section 133 (A) of the Income Tax Act, the survey is done only at business premises — shop, office, warehouse or factory. The surveyors can enter the taxpayers’ house only if they state that the account books are over there. Under Section 132 of the IT Act, a raid is conducted on business and residential premises at the same time. Income from the sale of property is counted as income from capital gains.