{"id":491687,"date":"2023-10-16T16:42:06","date_gmt":"2023-10-16T11:12:06","guid":{"rendered":"https:\/\/apnlive.com\/?p=491687"},"modified":"2023-10-16T16:46:26","modified_gmt":"2023-10-16T11:16:26","slug":"karnataka-income-tax-raid","status":"publish","type":"post","link":"https:\/\/apnlive.com\/india-news\/karnataka-income-tax-raid\/","title":{"rendered":"Karnataka: IT department seizes Rs 94 crore cash, Rs 8 crore gold, diamond jewellery, 30 luxury watches from real estate developers, government contractors"},"content":{"rendered":"\n<p>The income tax department has seized Rs 94 in cash as well as gold and diamond jewellery worth&nbsp;&nbsp; Rs 8 crore and 30 luxury watches after raids on real estate developers and government contractors in Karnataka.<\/p>\n\n\n\n<p>The searches were launched on October 12 and 55 premises from the department in cities in Telangana and Andhra Pardesh, Bengaluru&nbsp; and Delhi. The search has resulted in seizure of unaccounted cash of approximately Rs 94 crore, gold and jewellery worth Of Rs 8 crore , total amounting to Rs 102 crore.<\/p>\n\n\n\n<p>30 luxury wrist watches of foreign make were found from the premises from a private salaried employee who was not engaged in the business of wrist watches. A war of words on the matter has broken out between Karnataka\u2019s ruling Congress party and the opposition BJP after the recovery of un-accounted cash.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/twitter.com\/as6559280\/status\/1712842999128871410\n<\/div><\/figure>\n\n\n\n<p>BJP state president Nalin Kumar kateel said the money was linked to Congress. Chief Minister Siddaramaiah has said the allegation is baseless. According to the BJP president a large amount of evidence in the form of digital data , hardcopy of documents evidence in the form of loose sheets.<\/p>\n\n\n\n<p>The modus operandi of tax evasion indicates that these contractors were involved in reducing their income by inflation of expenses by booking bogus purchases, non genuine claim of expenses with sub contractors. The irregularities detected in utilization of contract receipts. This has resulted in generation of huge unaccounted cash.<\/p>\n\n\n\n<p>Evidence has been found which show discrepancies in the form of goods receipt note (GRN) validation have been unearthed during evidence and search of huge discrepancies in documentation related to purchases booked and actual physical transport of goods have also been unearthed. These contractors were also involved in booking expenses for non business purposes. It\u00a0 said evidence related to liaison expenses were seized and large scale unaccounted cash transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The searches were launched on October 12 and 55 premises from the department in cities in Telangana and Andhra Pardesh, Bengaluru\u00a0 and Delhi. The search has resulted in seizure of unaccounted cash of approximately Rs 94 crore, gold and jewellery worth Of Rs 8 crore , total amounting to Rs 102 crore.<\/p>\n","protected":false},"author":4,"featured_media":491689,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":"","jetpack_publicize_message":"Karnataka: IT department seizes Rs 94 crore cash, Rs 8 crore gold, diamond jewellery, 30 luxury watches from real estate developers, government contractors","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1497],"tags":[5592],"yst_prominent_words":[43036,20827,36160,22300,8688,82168,52055,20984,86297,78462],"ppma_author":[140543],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/d2r2ijn7njrktv.cloudfront.net\/apnlive\/uploads\/2023\/10\/16163942\/it-.jpg","jetpack_sharing_enabled":true,"authors":[{"term_id":140543,"user_id":4,"is_guest":0,"slug":"apnnewsdesk","display_name":"APN Live","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/478eacb893eda88aa6ed8d99b005bf58?s=96&r=g"}],"_links":{"self":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/491687"}],"collection":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/comments?post=491687"}],"version-history":[{"count":0,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/491687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media\/491689"}],"wp:attachment":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media?parent=491687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/categories?post=491687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/tags?post=491687"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=491687"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/ppma_author?post=491687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<!-- html is corrupted -->