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Karnataka: Fisheries caught on IT-department hook, Rs 195 crore unearthed February 13,2018   |  Source: Deccan Chronicle

The Income Tax department, in its most intensive raid of the fish processing businesses in coastal Karnataka, has reportedly unearthed alleged tax evasion and undisclosed income of Rs 195 crore. Making details of the recent operation public, the department also said that it had detected the role of a Chinese firm, in some instances, such as "paying commission" to local middlemen outside India. This was being routed through hawala channels to countries like Dubai, Oman and Mauritius, and nations in the Middle East and Africa. The department has also detected some foreign account holdings and investments after it conducted searches and surveys at a total of 43 premises across five states in the last week in this case.

"The anti-tax evasion action was undertaken against three major groups involved in fish processing business in Mangalore and Udupi regions of Karnataka. The investigation wing of the department based here spearheaded the operation," a senior I-T officer said. The department has far seized "unaccounted" cash to the tune of Rs 88 lakh. The operation, which involved over 150 sleuths from offices in Bengaluru, Mysuru, Hubbali, Belagavi and Panaji, was launched on February 8. "The searches also resulted in unearthing undisclosed income of some Rs 195 crore so far,"


© 2015-2018 Deccan Chronicle

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Years in Support of Small Scale Fishworkers (1986 - 2018)