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IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

Last updated: July 17 2020
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  • IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

    Central investigation and intelligence institutions[edit]

    Central Bureau of Investigation[edit]
    The Central Bureau of Investigation (CBI) is India's premier investigative agency, responsible for a wide variety of criminal and national security matters. Often cited as established with the Delhi Special Police Establishment Act, 1946, it was formed by the central government (which controls the Delhi police) with a resolution. Its constitutionality was questioned in the Gauhati High Court Narendra Kumar vs Union of India case on the basis that all areas of policing are exclusive to state governments, and the CBI is a central-government agency. The court ruled that despite the lack of legislation, the CBI is an authorized agency of the central government for national policing. Its ruling was upheld by the Supreme Court of India, which cited the CBI's national importance.
    The bureau is controlled by the Department of Personnel and Training in the Ministry of Personnel, Public Grievances and Pensions of the government of India, usually headed by the Prime Minister as the Minister of Personnel, Public Grievances and Pensions. India's Interpol unit, the CBI draws its personnel from IPS officers throughout the country. Specializing in crimes involving high-ranking government officials and politicians, the CBI has also accepted other criminal because of media and public pressure (usually due to local-police investigative incompetence).

    Income Tax Department[edit]

    Main articles: Directorate General of Income Tax Investigation, Investigation Division of the Central Board of Direct Taxes, and Chief Commissioner of Income Tax Central

    Directorate General of Income Tax Investigation helicopters are supplied by the Indian Air Force.
    The Income Tax Department (ITD) is India's premier financial agency, responsible for a wide variety of financial and fiscal matters. The department is controlled by the Department of Revenue in the Ministry of Finance, headed by a minister who reports directly to the prime minister. The Central Board of Direct Taxes (CBDT) is also part of the Department of Revenue. It provides input for policy and planning of direct taxes, and is responsible for the administration of direct-tax laws through the Income Tax Department. The CBDT operates in accordance with the Central Board of Revenue Act, 1963. The board members, in their ex officio capacity, are also a division of the ministry dealing with matters relating to the levy and collection of taxes, tax evasion and revenue intelligence. It is India's official Financial Action Task Force on Money Laundering (FATF) unit. The Income Tax Department draws its staff from Indian Revenue Service officers nationwide, and is responsible for the investigation of economic crimes and tax evasion. Some special agents and agents can carry firearms.[1]
    The Directorate of Criminal Investigation (DCI) is headed by the Director General of Intelligence (Income Tax), which was created to address cross-border black money. The DCI conducts unobtrusive investigations of "persons and transactions suspected to be involved in criminal activities having cross-border, inter-state or international ramifications, that pose a threat to national security and are punishable under the direct tax laws."[1]
    Commissioners of the ITD's intelligence directorate posted in cities such as Delhi, Chandigarh, Jaipur, Ahmedabad, Mumbai, Chennai, Kolkata, and Lucknow will also conduct criminal investigations for the DCI. The ITD's intelligence wing oversees the Central Information Branch (CIB), which has a repository of data on taxpayers' financial transactions.

    Directorate of Revenue Intelligence[edit]

    The Directorate of Revenue Intelligence (DRI) is an intelligence-based organization responsible for the coordination of India's anti-smuggling efforts. Officers are drawn from the Indian Revenue Service and Group B[clarification needed] of the Central Board of Indirect Taxes and Customs.
    Central Economic Intelligence Bureau[edit]
    The Central Economic Intelligence Bureau (CEIB) is the intelligence agency responsible for gathering information and monitoring the economic and financial sectors for economic offenses and warfare.
    Directorate General of Central Excise Intelligence[edit]
    The Directorate General of Central Excise Intelligence (DGCEI), formerly known as the Directorate General of Anti-Evasion, is an intelligence-based organization responsible for tax-evasion cases related to central excise duty and service tax. Officers are drawn from the Indian Revenue Service and Group B of the Central Board of Excise and Customs.

    National Investigation Agency[edit]

    The National Investigation Agency (NIA), the central agency combatting terrorism, can deal with interstate terror-related crimes without permission from the states. The National Investigation Agency Bill 2008, creating the agency, was moved in Parliament by the Home Minister on 16 December 2008.[2][3][4] The NIA was created in response to the 2008 Mumbai attacksas a central counter-terrorism agency. Also dealing with drug trafficking and currency counterfeiting, it draws its officers from the IRS and the Indian Police Service.

    Narcotics Control Bureau[edit]

    The Narcotics Control Bureau is responsible for anti-narcotics operations nationwide, checking the spread of contraband and the cultivation of drugs. Officers in the bureau are drawn from the IPS and IRS.

    Bureau of Police Research and Development[edit]

    The Bureau of Police Research and Development (BPRD) was established on 28 August 1970 to modernize the police forces. It researches police issues, including training and the introduction of technology at the federal and state levels.

    National Crime Records Bureau[edit]

    In 1979, the National Police Commission recommended the creation of agency to maintain criminal records and a database shareable at the federal and state levels. The National Crime Records Bureau (NCRB) was established by combining the Directorate of Coordination Police Computers, the Central Fingerprint Bureau, the Data Section of Coordination Division of the Central Bureau of Investigation, and the Statistical Section of the Bureau of Police Research and Development.
  • #2

    #2

    Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

    Artificial intelligence (AI), especially machine learning, is rapidly finding a role across a variety of enterprise functions. One that you may not have considered is AI’s applicability to tax. Here are five ways that AI is reinventing the world of tax functions.

    1. Automation of routine decisions and reporting


    One of AI’s most simplistic—yet useful—applications involves the automation of routine tasks, the kind of time-consuming work that can fill a professional’s workday. This work involves using machine learning algorithms that have recently become common in today’s business world and our daily lives. For example, optical character recognition and voice recognition are being adapted to support the tax function.

    These intelligent algorithms can be put to work to categorize sales into the proper jurisdiction for managing sales tax calculations. Or they can scan and analyze employee expense reports to determine which deductions are available based on the type and amount of each expense. While using machine-learning algorithms requires some level of thought, they are not overwhelmingly complex, and, in fact, some of these tools can be installed and managed by a typical business or tax professional.

    2. Enhancement of dashboard monitors

    Since the rise of the cloud computing era, the dashboard–which can provide suggested actions based on learning algorithms–has become one of the most indispensable business tools available. While a simple dashboard may give a tax professional a look at that day’s receipts and sales tax liabilities, a dashboard informed by AI is more dynamic, allowing a tax professional to use the system not only to evaluate the past, but also to anticipate the future.

    Is the tax burden increasing beyond expectations because of an unexpected disparity in regional sales? Is it time to sell an investment to reap a tax benefit before rules or market conditions change? AI-enabled dashboards can give tax pros an instant understanding of these issues at a glance, aiding decision making. 3. Improved forecasting


    AI will also make forecasting more accurate and faster, trading simplistic modeling techniques (such as basic regressions or linear interpolations) in favor of tactics that can detect trends on an annual, quarterly, monthly, or even more frequent basis. These trends can be drawn from corporate data or by looking at seasonal changes. A savvy AI algorithm may even be able to look at weather patterns to determine how sales are likely to be impacted regionally and the impact that could have on tax burdens.

    4. Advanced scenario analysis

    What if you could calculate the probability of being audited based on potential sales and expense scenarios for the coming year? AI will make this type of analysis possible—even commonplace—by analyzing internal tax data and comparing that with available information about the broader economy.

    Would moving the company headquarters to a new jurisdiction increase the chances of an audit? What about changing the business’s legal structure? AI might even be able to analyze what would happen to a business’s tax risks and overall structure based on the likely outcome of a local or national election, all by looking at a broad data set of unstructured data and building a probabilistic model out of it.

    5. Adaptive learning based on operations

    At the highest level of AI function, machine learning will be put to task to make (or aid with) complex decisions in the absence of any real structured data at all. For example, instead of your legal team spending hours poring over a 500-page sales contract, an AI tool will be able to do the same job in a matter of seconds, determining whether the document contains any thorny legal problems or taxation risks.

    Similarly, an AI system may keep constant watch over a business’s register of sales actions, making educated decisions about whether the company is at risk of fraud. This kind of analysis, when performed by a human, often comes down to experience and intuition; a human fraud analyst simply “knows what to look for.” An AI tool can build its own statistical model based on historical fraud rates while looking for patterns that may be missed by a human examiner. Our AI-driven future


    Artificial intelligence is just taking its first steps into the meticulous and complex world of taxation. As this trend accelerates, watch for AI to become an increasingly crucial part of progressive—and successful—tax departments.

    https://www.pwc.com/us/en/services/t...anges-tax.html


    World’s largest face recognition system coming to India next month, no regulation as of now

    Prakhar Khanns

    HIGHLIGHTS​​​​​
    India is all set to install the world’s largest facial recognition system to track and nab criminals in 20 days. India had asked IT companies across the world to send their proposals to the National Crime Record Bureau (NCRB) in New Delhi. The NCRB asked for the bids in July. The winner of the bids will be announced on November 8, and will provide the National Automated Facial Recognition System (AFRS) to the country. NCRB said, “This is an effort in the direction of modernizing the police force, information gathering, criminal identification, verification and its dissemination among various police organizations and units across the country.”

    According to the 172-page document published by the NCRB, the system will match images from India’s growing network of CCTV cameras against a database of mug-shots of criminals, images collected by various government agencies including passport photos. It will allow the government to create a robust system for identifying criminals, missing children /persons, unidentified dead bodies and unknown traced children/persons all over the country. In the trial of four days, the Delhi Police identified almost 3,000 missing children.

    The state police will be able to juxtapose the suspect with the hotlist of criminals with the help of the software. As of now, leading face recognition softwares in the world are Face Recognition and Face Detection by Lambda Labs, Amazon Rekognition, Microsoft Face API; Google Cloud Vision and IBM Watson Visual Recognition, among others.


    In reference to the concerns of the misuse of technology, Pavan Duggal, one of the nation's top cyber law experts told IANS that the Information Technology Act, 2000 does not especially deal with misuse of this technology."The first casualty of the absence of a regulatory framework for facial recognition technology is people's right to privacy," said Duggal to IANS. There is no framework in India to regulate the storage of facial recognition data.

    Further, technology giants like Microsoft and Amazon also agree that the government is needed to regulate this technology.

    "Unless we act, we risk waking up five years from now to find that facial recognition services have spread in ways that exacerbate societal issues," warned Smith, Microsoft President, in a blog post. "The use of facial recognition technology by a government for mass surveillance can encroach on democratic freedoms," he said in December last year.


    https://www.digit.in/article/amp/gen...mpression=true
    Last edited October 27 2019, 12:29 AM.

    Comment

    • #3

      #3

      Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

      BIG DATA ANALYTICS TO BE USED FOR TRACKING EXPENDITURE PATTERNS BY INCOME TAX DEPARTMENT

      Income Tax department in India is going to use Big Data Analytics tools from April 1, 2019, to keep on the tax evasion. The programme is named Project Insight which is worth Rs 1,000 crore. The tool would trace social media profiles of citizen and tabulate their expenditure patterns observing the visual media including photos and videos uploaded on it.

      Subsequently, the Income Tax authorities would be informed if there is any mismatch between the income and expenditure ratio of a person and actions would be taken accordingly.

      Reportedly, tax officials were given permission by the Income Tax Department to access the software from March 15, 2019

      For example – If someone is spending vacations in a foreign country or buying luxury cars and posting pictures about it on social networking site, then the big data software used by IT department can track it and do the needful action required.

      Also, the software would make it easy for the officials to maintain a record of details of any individual or corporate businesses.

      The goal is to identify and apprehend the tax evaders and encourage more and number of people to file returns and pay taxes.



      Some Peculiar Feature of Insight Project Tool

      • It will incorporate an Integrated Information Management System that would help to take the right decision at the right hour by applying machine learning.

      • The software can also be utilized in gathering information by collecting web pages and documents that can be later examined by Income Tax Department.

      • After Belgium, Canada, and Australia, India will be joining the club of countries which use Big Data Analytics to track tax evasion.

      • The system was first acknowledged in 2010 in Britain and since then it has impeded the loss of approx. 4 billion pounds (in INR Rs 36,942 crore) in revenue.

      • The chances of tax theft are expected to go down as the software would fortify the overall research of filed returns and the selection based on a number of small criteria.

      https://www.analyticsinsight.net/big...ax-department/

      India: First country to use AI/ML in tax assessment

      Finance Minister Nirmala Sitharaman has promised to adopt faceless assessment system from October this year.

      India will soon become the first country to deploy artificial intelligence (AI) and machine learning (ML) in the tax assessment process, as the Finance Minister Nirmala Sitharaman has promised to adopt faceless assessment system from October this year.

      According to official sources, the government is very particular about the deadline of the implementation. In this regard, the revenue secretary Ajay Bhushan Panday on last Saturday held a meeting of officials of the Ministry of Corporate Affairs (MCA) and various tax agencies.

      The government has set the deadline of October 8, for the implementation of AI and ML for the assessment purposes.

      Now data in the income tax return, statement of financial transactions and from other sources will be analysed as per the pre-defined risk criteria. “For example, if someone has deducted your TDS as Rs 1 lakh but you don’t show the income in ITR, then AI will pick it up for deeper scrutiny,” a source in the know explained.

      For example, Alpesh’s (a fictional character) employer has deducted his TDS as Rs 1 lakh but he doesn’t show equivalent income in ITR, then AI will pick it up for deeper scrutiny. This scrutiny will be done using e-verification where a structured questionnaire will be sent to Alpesh using ML. If the answer is okay, the case will get closed. If not, AI will send the case to the officer for further investigation, which will proceed using the faceless electronic portal. Traditionally, the tax officer asks for docs and follows a line of investigation.

      The government is also planning to integrate data from MCA, Central Board of Direct Taxes (CBDT) and GS) within a year -- which is likely to be announced in the next year’s budget.

      “The government wants computers instead of human beings to do everything. So data integration is the key,” a source in the know told DH.

      The sources added that the announcement in the budget about integration will depend a lot on the progress made on the integration of data. “It will take time as systems are very different,” the sources said.

      However, many officials in the Finance Ministry believe that using AI and ML in the tax assessment purposes can be detrimental to the country.

      “The whole objective of the faceless assessment is based on the premise that tax officers are corrupt and harass taxpayers. This is not only a biased notion but also undermines the genuine work of the tax department,” a senior government official said.

      Assessees have been complaining about harassment due to two main reasons for years now - refund delay and unnecessary demands/litigation raised in scrutiny.

      According to the sources within the I-T Department, “unachievable budget targets” are the culprits which force the department to delay refund, fearing action from ministry.

      The sources within the tax department suggest that the use of AI and ML may lead to a situation similar to that was seen after the shoddy implementation of GST, as the government has been “hastily pushing for the move”.

      “It is not clear how these advanced technologies will help solve these two issues. In fact, they pose a greater risk of high-pitched assessment because tax officer will not be interested in hearing out the assessee and will instead rely on computer data,” sources said, adding that it is a nightmare for complex cases.

      I-T department has already been using AI/ML in the selection of cases for scrutiny.


      https://www.deccanherald.com/amp/bus...mpression=true
      Attached Files
      Last edited September 3 2019, 02:39 AM.

      Comment

      • #4

        #4

        Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

        I-T raids on real estate group unearth sham transactions worth ₹700 crore

        The Income Tax department continued its search and seizure operations for the fourth day against four leading developers on Friday. The searches across more than 40 premises across Mumbai and Pune led to recovery of “evidence related to receipt of ‘On Money’ sale of commercial and residential blocks, bogus unsecured loans taken, bogus long term capital gains and various other sham transactions to evade income aggregating to about ₹700 crore,” according to a statement issued by the Press Information Bureau.

        Sources in the Income Tax department, and from the industry, confirmed that real estate developer group Hub Town Ltd., formerly Akruti City Ltd., is at the centre of the searches.

        A senior I-T official from New Delhi confirmed that searches began at offices of Hub Town and extended to joint venture partners including Andheri-based Atul Projects, Wadhwa Group and Radius Developers. “The four are connected through joint venture agreements. The searches were approved under section 132/133 of the IT Act,’’ according to the senior I-T official.

        However, while a Radius Developers spokesperson categorically denied any action against their company, a senior executive of the Wadhwa Group declined to comment.

        The I-T official said, “One of the builders is based out of Andheri and has JVs in most of the six projects Hub Town is constructing across the city, including a multi-storey project called 25 South at Prabhadevi. This is the overall result of the liquidity crunch in the market and there is growing tendency of hiding taxes.”

        Calls and text messages to Vimal Shah, managing director, Hub Town yielded no response till the time of going to press.

        According to the PIB statement, the search operations have unravelled peculiar transactions wherein by way of accounting jugglery, income on transactions worth ₹525 crore has been evaded.

        “ ‘On Money’ receipt on sale of Residential/Commercial Blocks amounting to ₹100 crore has been corroborated during the search. During the search, incriminating evidence was unearthed pertaining to modus operandi establishing the introduction of accommodation loans by the group, which have been found to be bogus. Moreover, use of entry providers/hawala operators for entries of Long Term Capital Gains by the promoters of this real estate group have been affirmed during the search action. The action has also resulted in detection of jewellery worth approximately ₹14 crore, which is under verification,” according to the statement issued by PIB.


        IT raids on Hubtown group offices in mumbai regarding tax evasion of 700 cr.
        http://pib.nic.in/PressReleasePage.aspx?PRID=1581188
        Click image for larger version

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        https://www.thehindu.com/news/nation...mpression=true

        I-T claims detection of Rs 700 crore tax evasion after raids on Mumbai realty firm

        The CBDT, that frames policy for the tax department, issued a statement saying the operation was conducted on July 29 on a "prominent group involved in real estate development" and its premises in Mumbai and Pune were searched.


        The Income-Tax Department on Friday said it has conducted raids at 40 premises of a Mumbai-based real estate firm and claimed to have detected tax evasion worth Rs 700 crore.

        The CBDT, that frames policy for the tax department, issued a statement saying the operation was conducted on July 29 on a "prominent group involved in real estate development" and its premises in Mumbai and Pune were searched.

        While the CBDT statement did not identify the group, official sources said that it was the Hubtown group.

        During the course of search operations, the statement said, the department unearthed pieces of evidence related to receipt of 'On Money' on sale of commercial and residential blocks, bogus unsecured loans taken, bogus Long Term Capital Gains (LTCG) and various other sham transactions to evade income aggregating to about Rs 700 crore.

        "The search action has unraveled peculiar transactions wherein by way of accounting jugglery, income on transactions worth about Rs 525 crore has been evaded," it said.

        'On Money' receipt on sale of residential and commercial blocks amounting to Rs 100 crore has been corroborated during the search, the statement said.

        During the search, the CBDT said "incriminating" evidence was unearthed pertaining to modus operandi establishing the introduction of accommodation loans by the group, which have been found to be bogus.

        Moreover, the use of entry providers and hawala operators for entries of LTCG by the promoters of this real estate group have been affirmed during the search action, it said.

        The action has also resulted in the detection of jewellery worth about Rs 14 crore, which is under verification, the CBDT said and added that the searches are still in progress.

        https://www.indiatoday.in/amp/india/...mpression=true


        Income Tax department conducts raid on 'prominent group' involved in Real Estate



        ANI | Updated: Aug 3, 2019, 12:11 AM IST


        Income Tax Department The search action has unravelled peculiar transactions wherein by way of accounting jugglery, income on transactions worth about Rs 525 crore has been evaded, it said


        The Income Tax (IT) department conducted search and seizure operation on a "prominent group" involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune, Finance Ministry said on Friday.

        The search and seizure operations were conducted on July 27. "During the course of search operations, the Department unearthed the evidences related to receipt of 'On Money' on sale of commercial and residential blocks, bogus unsecured loans taken, bogus Long Term Capital Gains and various other sham transactions to evade income aggregating to about Rs.700 crore," Finance Ministry said in its statement.

        The search action has unravelled peculiar transactions wherein by way of accounting jugglery, income on transactions worth about Rs 525 crore has been evaded, it said.

        Finance Ministry in its statement said that 'On Money' receipt on sale of Residential or Commercial Blocks amounting to Rs 100 crore has been corroborated during the search.

        The statement also claimed that during the search, "incriminating evidence" was unearthed pertaining to modus operandi establishing the introduction of accommodation loans by the group, which have been found to be bogus.

        "Moreover, the use of entry providers/hawala operators for entries of long term capital gains by the promoters of this real estate group have been affirmed during the search action. The action has also resulted in the detection of jewellry worth approximately Rs.14 crore, which is under verification," the statement read. The investigation and search action is still in progress

        https://www.dnaindia.com/business/re...mpression=true

        IT department searches offices of Mumbai's Hubtown, four others

        While some premises were searched, at other places only surveys (verification of documents and records) were conducted in a bid to ascertain facts, said an IT source


        Teams from the Income Tax (IT) department on Tuesday carried out searches and surveys at the premises of five real-estate firms, including Hubtown, which was earlier known as Ackruti, because of complaints of tax evasion/default, said sources.

        While some premises were searched, at other places only surveys (verification of documents and records) were conducted in a bid to ascertain facts, said an IT source. According to the source, the operation was carried out in Hubtown and in those real estate firms with whom the former has joint-venture agreements.

        “The objective of the IT actions was to confront certain individuals and give them an opportunity to offer information, records and explanation, which would be taken into account to establish the facts while verifying the complaint,” the source said. The findings of the searches and surveys will be communicated to a separate IT department wing that conducts tax assessment, he said. “In cases where the discrepancies are found, notices are served to the concerned individual or firm to offer explanation. Even after a notice is served, we give the person a chance to defend himself,” he said.

        Hubtown Ltd presently has six different ongoing housing projects registered with Maharashtra Real Estate Regulatory Authority (MahaRERA) including Hubtown Greenwoods and Siddhi in Thane, Hubtown Solaris and Sunmist in Andheri East, Hubtown Premiere Residences in Versova, and Hubtown Countrywoods in Pune.

        In November 2017, it announced a joint venture with another leading developer to develop a 47-storey luxury project at Prabhadevi, which is proposed to be completed by 2025.

        When Mumbai Mirror tried to contact Vimal Shah of Hubtown, he was not available for comment.

        https://realty.economictimes.indiati...mpression=true


        Tax raid on real estate group uncovered Rs 700 crore in black money; third search operation in a week

        The Income Tax Department has unearthed black money worth Rs 700 crore in a search and seizure operation on a real estate development group operating in Mumbai and Pune. In yet another search and seizure operation within a week, the Income Tax Department has found evidence related to receipt of 'On Money' on sale of residential and commercial properties, bogus loans, bogus long term capital gains, and other sham transactions, according to an official statement by the Ministry of Finance. The case is related to over 40 premises across Mumbai and Pune. The real estate group evaded income on transactions worth Rs 525 crore by way of accounting jugglery. The department has unearthed 'On Money' receipt on sale of residential and commercial properties worth Rs 100 crore.

        The Income Tax Department has also unraveled evidence related to the modus operandi related to accommodation loans by the group. Use of hawala operators for entries of long term capital gains by the promoters of this real estate group has also been spotted in the search operation. The IT raid has recovered jewellery worth around Rs 14 crore and the investigation is still under process. Name of the real estate group is not disclosed.


        This is the third search operation by the Income Tax Department in a week. Before this, the I-T department conducted search action on a Hyderabad based group engaged in conducting seismic data analysis. The said group was found indulged in large scale over-invoicing of imports through a Dubai based operator who is an accused in a VVIP Chopper scam. Surplus funds worth USD 6 million was stashed in the accounts of the accused operator.

        The I-T department also uncovered foreign assets worth Rs 200 crore in the raid on a political group in Haryana, who has been generating large amounts of undisclosed income over several decades. Lavish properties in tax havens were bought in the names of foreign trusts and companies. Black money generated in India through various means was used to buy these properties. Domestic tax evasion of Rs 30 crore was also spotted in this operation.

        https://in.finance.yahoo.com/news/ta...061151734.html
        Last edited August 4 2019, 05:10 AM.

        Comment

        • #5

          #5

          Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

          Mumbai I-T dept conducts nationwide raids on Raheja properties in 2001

          The Mumbai Income Tax Department is conducting nationwide raids on properties of leading builder K Raheja. Raids have been conducted on 130 properties of the group.


          The Mumbai Income Tax Department is conducting nationwide raids on properties of leading builder K Raheja. Raids have been conducted on 130 properties of the group.

          The I-T dept began its operation at 2pm(ISD) on Tuesday. 100 officials of the department are involved in the operations. Another 150 policemen are also helping them.

          Besides Delhi, Mumbai and Chennai, raids were conducted in another dozen cities.

          Besides Raheja group, 2 other properties of another builder have come under scrutiny.

          http://zeenews.india.com/news/nation...ies_13921.html



          After 17 years income tax have raid again k Raheja Group. Below is the correct date news on Nov 30, 2017 and video from CNBC awaaz


          I-T dept conducts searches on K Raheja Group companies, including Shoppers Stop
          • Nov 30, 2017 08:25 PM (IST)


            The Income Tax department on Thursday conducted searches on K Raheja Group companies including Shoppers Stop Limited in relation to non-disclosure of property or income under the Income Tax Act, 1961.

            The I-T department conducted searches at the company's premises in Delhi, Mumbai and Pune. A senior Income Tax official confirmed that searches took place at eight locations and that 26 warrants were issued.
          • Searches were also conducted at offices of the K Raheja Group, sources told Moneycontrol.
          http://www.moneycontrol.com/news/bus...e-2450493.html


          Watch on CNBC awaaz new channel
          Raheja Group की कंपनियों पर IT की छापेमारी | CNBC Awaaz

          CNBC Awaaz 1,020 views

          Published on Nov 30, 2017


          https://m.youtube.com/watch?feature=...&v=DfopPrDIQqA


          https://youtu.be/DfopPrDIQqA


          Income tax dept conducts searches on K Raheja Group companies


          http://www.moneycontrol.com/news/bus...51449.html/amp

          Big IT searches Underway in India * 40 location, around 600 officers on the job.

          Under the lenses are Chandru L Raheja, Ravi C raheja, Shoppers stop, Inorbit Mall, Mindspaces Business, K Raheja IT Park, Intime Properties, Juhu Beach Resorts, Kumar P Gera, Gera Development

          Comment

          • #6

            #6

            Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

            ED Summons MNS Chief Raj Thackeray Over Money Laundering Probe In IL&FS-Kohinoor CTNL Loan Payment Default

            Swarajya Staff

            The Enforcement Directorate (ED) has issued summons to MaharashtraNavnirman Sena (MNS) party chief Raj Thackeray and Unmesh Joshi, son of former State Chief Minister and Shiv Sena leader Manohar Joshi, in connection with its money laundering probe related to a defaulted loan payment transaction between Infrastructure Leasing & Financial Services (IL&FS) and Kohinoor CTNL, Press Trust of India reported.

            The agency is investigating the alleged irregularities pertaining to IL&FS Group's loan and equity investment amounting to Rs 860 crore in Kohinoor CTNL, which is one of the defaulters. Kohinoor CTNL is developing Kohinoor Square tower in Dadar (West).

            Economic Times reported that ED wants to conduct inquiry on Thackeray's exit from the group. The probe has revealed IL&FS group had invested Rs 225 crore in the company. In 2008, the group surrendered its shares for only Rs 90 crore and booked a loss. Thackeray exited the consortium by selling his shares, the same year.

            IL&FS later advanced another loans to Kohinoor CTNL, which it allegedly failed to repay. In 2011, Kohinoor CTNL entered into an agreement to sell some commercial-residential premises in Kohinoor Square to IL&FS and settled Rs 500 crore pending loan amount. After the settlement, IL&;FS lent a further Rs 135 crore to Kohinoor CTNL, on which it defaulted.

            MNS leader Sandeep Deshpande alleged political vendetta behind the move, adding that BJP was nervous as MNS chief Raj Thackrey was unifying Opposition parties against what he called as Hitlershahi (dictatorship).

            He also claimed that MNS or Raj Thackeray will never succumb to this type of pressure politics and will continue the fight against "dictatorship".


            https://swarajyamag.com/insta/ed-sum...ayment-default

            MNS Chief Raj Thackeray gets Enforcement Directorate summons; ED probing IL&FS group’s loan and equity investment in Kohinoor CTNL of up to Rs 860 crore
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            • #7

              #7

              Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

              Oberoi Realty, Capacite Infraprojects Raided by IT Departement


              New Delhi: Oberoi Realty and its vendor Capacite Infraprojects have been raided by Income Tax department today on the suspicion of fund trails in the two companies, according to a news report by Moneycontrol.com.

              "There was suspicion on related party transaction within Oberoi. The I-T department also suspects a difference between the sale price of housing units shown on the books and the registered prices," an official of Income Tax department has been quoted by Moneycontrol.

              The department also probed flat buyer details of the company. As Oberoi Realty sells luxury houses also, the department suspects benami sales transactions by the flat buyers to hide their identities.

              After the new sof riads, the share prices of Oberoi Realty and Capacit'e Infraprojects skid 3 percent and 8 percent respectively.

              This probe is in the series of raids conducted on realty players for alleged violations of law recently. In Mumbai only, a raid was conducted by the IT department last month in the offices of realty player Hubtown (previously known as Akruti City Ltd) and its joint venture firms where dubious transactions to hide an income of Rs 700 crore were unearthed.


              https://realtyninfra.com/oberoi-real...it-departement

              Oberoi Realty, Capacit'e Infra fall up to 8% on reports of raid by I-T dept

              Last Updated at August 20 2019 15:11 IST
              The report added that since Oberoi Realty deals in the luxury home segment, the department suspects benami transactions by flat buyers to hide their identities. Capacite Infra is one of the largest vendors of Oberoi Realty and recently secured Rs 400 crore-worth orders, according to reports.

              Earlier this month, the I-T department had conducted searches at Mumbai and Pune-based offices of four other realty firms, including Hub Town, Atul Projects, Wadhwa Group and Radius Developers, reports suggest.

              The searches across more than 40 premises led to recovery of “evidence related to receipt of ‘On Money’ sale of commercial and residential blocks, bogus unsecured loans taken, bogus long term capital gains and various other sham transactions to evade income aggregating about Rs 700 crore, a statement issued by the Press Information Bureau, on the behalf of I-T department, said.

              The above mentioned searches were centered around the Hubtown Group.

              "Incriminating evidence was unearthed pertaining to modus operandi establishing the introduction of accommodation loans by the group, which have been found to be bogus. Moreover, the use of entry providers and hawala operators for entries of LTCG by the promoters of this real estate group have been affirmed during the search action," the CBDT had said in a statement. At 2:00 pm, the stock of Oberoi Realty were trading 1.5 per cent lower at Rs 537 apiece on the BSE while that of Capacit'e Infraprojects was quoting at Rs 210.5, down 6 per cent. In comparison, the S&P BSE Sensex was ruling 32 points, or 0.09 per cent, higher at 37,435 level. The Nifty Realty index, however, was trading 0.67 per cent lower.

              So far in 2019, shares of Oberoi Realty have outperformed the benchmark index Sensex by rising 22 per cent, while that of Capacite Infraprojects have underperformed it as slipped 10 per cent. The S&P BSE Sensex, on the other hand, has risen 3 per cent during the same period.

              https://wap.business-standard.com/ar...mpression=true


              I-T Dept unearths several cash transactions in searches at Oberoi Realty; Bollywood connection probed

              MoneyControl • Sep 19, 2019 03:34 PM IST

              The Income-Tax Department has unearthed several instances of cash transactions undertaken by Oberoi Realty during a search last month. Documents uncovered during the probe threw up names of Bollywood actors who were involved in cash dealings with the company.

              The department found quite a few instances where a component of the flat price was accepted in cash more than is allowed, sources said. Current laws allow cash transactions no higher than Rs 2 lakh.

              When contacted for a response, Oberoi Realty accepted that the Income Tax Department had conducted a search of its premises, under section 132 of the Income Tax Act, 1961, but added that no irregularities had been found during the search operation. "There have been no claims made against the company nor have there been any disclosures," it said.

              Related News

              The company also dismissed the information that it had undertaken illegal cash transactions, and said such information was "totally false and malicious".

              "We wish to emphatically state that we have absolutely no cash dealings with any of our clients irrespective of what profession they come from. At Oberoi Realty, we lay great emphasis on ethical practices, fulfilment of all regulatory compliances and observe corporate governance diligently," the company said in a statement to Moneycontrol.

              The company further said: "We request you to not publish this baseless story with the above-mentioned false information as the same will cause grievous and unrepairable damage to our hard earned reputation. Having categorically stated the facts in this case, we reserve our right to protect our interests."

              Moneycontrol stands by the information it has learned.

              This is the second time when the income tax investigation department is investigating Oberoi Realty.

              The most recent search took place on August 20 when the department had carried out searches at two dozen premises of Oberoi Realty and their vendors, including Capacite Infra. It was one of the biggest searches by its Mumbai cell, spread over seven days.

              Oberoi Realty, which deals in the premium housing segment, has around 10 projects underway in Mumbai itself, especially in the western suburbs.​

              The company is also under the scanner of the Ministry of Corporate Affairs (MCA), which is probing its books of accounts over utilisation of proceeds from its initial public offer (IPO).


              https://www.moneycontrol.com/news/bu...mpression=true

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              • #8

                #8

                Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                King of Corruption
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                • #9

                  #9

                  Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                  Over 270 home buyers lodge complaints at EOW camp against developer


                  Kamla Landmarc’s promoter is believed to have cheated people in several projects.

                  More than 270 home buyers lodged complaints against Kamla Landmarc Group promoter Jitendra Jain at the end of a two-day camp organised by the Economic Offences Wing (EOW) of the Mumbai Police on Friday. The event was held at the Police Club in the Esplanade Court premises.

                  This was perhaps the first time that the EOW issued a newspaper advertisement and provided a platform for people to participate in a mass complaint initiative against a developer. Jain is believed to have cheated home buyers in multiple projects across the city in a pre-Real Estate (Regulation and Development) Act (RERA) era.

                  Jitendra Jain and his partners Jinendra Jain and Ketan Shah were arrested in November 2016 and are still in jail. “During [our] investigations, we learnt that there are at least 1,000 flat buyers who had paid varying amounts of money in cash and cheques to book flats,” a police official said.

                  “We have lodged 38 FIRs against 38 projects based on complaints lodged by a few buyers. We felt that such a camp could bring in more evidence and would be useful when the chargesheets are filed.” The official said affected home buyers could still visit the special investigation team that is handling the case.

                  An EOW team handed forms to the buyers in a prescribed format and asked them to attach all relevant documents like allotment letters, registered agreements, payments receipts etc. “We booked a 1750 sq ft flat in Park Reach project in Bandra West paying Rs 5 crore cheque to Kamla Landmarc but the project has been taken over by another developer who says there are no records of our transaction. We have a registered agreement but he rejected our claim,” said an elderly businessman who came to lodge a complaint for the first time since 2011.

                  This was perhaps the first time the EOW provided a platform for mass complaints

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                  https://mumbaimirror.indiatimes.com/...mpression=true



                  Kamla Landmarc's promoters in jail since 2016 but complaints keep pouring in

                  MUMBAI: The Economic offences wing (EOW) of Mumbai police, probing multiple cases of cheating and forgery against developer Kamla Landmarc, registered the 37th offence against it early this month, after a Santacruz businessman lodged a complaint.

                  Jitendra Jain and his brother Jinendra were booked after businessman Vivek Sadwani complained that they cheated him of Rs 12 crore. The police said that Sadwani had booked a shop in its commercial project in 2012 and had got an allotment letter, but the developer allegedly developed the property and sold it to a third party.

                  More than 800 flat-buyers/investors from across the city have been left in the lurch as the developer’s construction activities stopped after police arrested him in 2016, and they are still in jail.

                  Jitendra, Jinendra, their father Ramesh and brother-in-law Ketan Shah were arrested in November 2016 after 30 flat-buyers from his Santacruz (W) project moved Bombay high court.

                  The case pertained to the incomplete 17-storey Shimmer building, where the builder had annexed few flat sale agreements, fabricated a completion certificate and failed to give possession despite collecting over Rs 60 crore from buyers since 2009.

                  They were booked for criminal breach of trust, cheating, forgery and criminal conspiracy to cheat under Indian Penal Code and also double sale of few flats, an offence under Maharashtra Ownership of Flats Act (MOFA).
                  After their arrest, more complaints kept pouring in. “People who had booked flats/commercial properties in Bandra, Mulund, Borivli, Kalina, Santacruz (east as well west), Juhu, Malad and Dadar filed complaints. So far, we have registered 37 offences. While we have filed chargesheets in 17 of the cases and further investigations are on,’’ Vishal Pardhir, an officer of the special investigating team, said.

                  Kamla Landarc had taken huge loans from banks but defaulted. The police said the builder had taken loans worth Rs 60 crore from SBI, Rs 150 crore from SICOM, Rs 150 crore from Edelweiss and Corporation Bank and Kotak Mahindra Bank.

                  The police said the fraud was due to “over-trading” by the builder. Deputy commissioner of police (EOW) Parag Manere said Kamla also diverted funds, launching car and motor agencies such as Sriram Cars, Kamla Motors and Kamla Nissan. “We have called for forensic auditing and have invited Enforcement Directorate to join the probe, as proceeds of the crime have been diverted through various channels.’’

                  The police have frozen 28 properties of Kamla, 350 bank accounts, and 11 high-end vehicles, including a Range Rover, Mercedes and BMW. Early this year, police had arrested the firm’s chartered accountant, Naresh Rajpurohit (52), who used to handle the company’s finances and audits since 1993, for allegedly aiding and abetting the builder. Sources said Rajpurohit allegedly helped Jain start construction firms, accept bookings from investors/flat-buyers, transfer the money to several bank accounts and siphon off around Rs 600 crore.

                  https://realty.economictimes.indiati...mpression=true

                  Actress Flora Saini files con case against Mumbai's Kamla Landmarc

                  According to the FIR lodged by Saini, she had met the directors of Kamala Landmarc in 2013 and booked a flat and a commercial shop in their White Arcade project in Kandivali. She reportedly paid a portion of the booking amount in cash and Rs 5.31 lakh in cheques.Vallabh Ozarkar | Mumbai Mirror | December 18, 2018, 08:15 IST
                  Actress Flora Saini of Stree fame has filed a case against real estate developer Kamla LandmarcGroup for allegedly duping her of Rs 5 lakh. Saini has filed an FIR with the Economic Offences Wing.

                  According to the FIR lodged by Saini, she had met the directors of Kamala Landmarc in 2013 and booked a flat and a commercial shop in their White Arcade project in Kandivali. She reportedly paid a portion of the booking amount in cash and Rs 5.31 lakh in cheques.

                  However, the company kept delaying the possession and then informed her that their project would have only residential flats. They also promised to return the booking amount. However, Saini never got the money. Police said that the company is accsued of duping over 250 people of Rs 300 crore.


                  https://realty.economictimes.indiati...mpression=true
                  Last edited September 2 2019, 05:00 AM.

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                  • #10

                    #10

                    Re : IREF CID. ED, DRI, NIA, CBDT Income Tax -Raids on real estate companies by Using Artificial Intelligence.

                    E-assessment scheme for faceless scrutiny of income tax returns notified

                    The notification was issued by the CBDT on Septemeber 12, 2019.

                    Sep 13, 2019, 01.50 PM IST
                    ThinkStock Photos Individual will be required to respond to the notice or order received through the registered account only. The finance ministry has notified the e-assessment scheme 2019 for conducting faceless scrutiny assessment of income tax returns (ITR). The scheme involves creation of e-asssessment centres at national and regional levels; auto-allocation of cases among these centres.

                    Further, it states that all communication with tax payers and among assessment centres etc will be purely electronic; communications to be digitally authenticated; and most importantly assessees will not to make personal appearance at centres.

                    Even the assessment will be governed by certain pre-determined risk assessment criteria and other pre-fixed broad parameters. The notification was issued by the Central Board of Direct Taxes (CBDT) on September 12, 2019.

                    Abhishek Soni, Founder & CEO, tax2win.in, an ITR filing website says, "The new scheme notified by the Central Board of Direct Taxes will change the way ITR will be scrutinised. Earlier, the ITR was scrutinised by the assessing officer of the individual taxpayer through online process. However, the new scheme will not only make the assessment faceless but you will not have to go meet any assessing officer during the proceeding period. Your ITR will be scrutinised through a computerised randomly selected regional unit which will be set up under the scheme."

                    Here are 10 things you need to know about the E-assessment Scheme, 2019:
                    1. Under the scheme, the scrutiny notice will be issued to the individual under section 143(2) if he has under-reported his income or over-stated losses.

                    2. The individual will have to reply within 15 days from the date of receipt of notice. The notice issued will be sent electronically on the taxpayer's account on the e-fling website, to the registered email address of the taxpayer or on the mobile app of the income tax department which has the registered mobile number.

                    3. Individual will be required to respond to the notice or order received through the registered account only. The response shall be considered successfully submitted once individual has received the acknowledgement from the National e-assessment Centre.

                    4. Individual taxpayers would not be required to appear either personally or through authorised representative in relation to the proceedings related to the scheme before income tax authority, National e-assessment centre or Regional e-assessment Centre or any unit set up under the scheme.

                    5. All the communication between the department and taxpayer would be done electronically. Even all the internal communication within the income tax department will be electronic.

                    6. The e-assessment scheme will be fully automated. Under the scheme, the National e-assessment centre can assign the scrutiny case to any regional e-assessment centre through an automated allocation system.

                    7. If the regional assessment required assistance from verification unit or technical assistance from technical unit, then such requests will be processed through automated allocation system.

                    8. If the regional assessment unit wants further information or documents from the taxpayer, then such request first has to be made to the National e-assessment centre.

                    9. The regional assessment unit will make a draft assessment order and send it to the National e-assessment Centre.

                    10. The National e-assessment Centre will examine the draft received in accordance with the risk management strategy specified by the CBDT.

                    https://m.economictimes.com/wealth/t...mpression=true

                    https://www.expertmile.com/articles/...less-Scrutiny.
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