Gujarat’s Income Tax department has detected allegedly undisclosed income of Rs 111 crore during a I-T survey on a transport and logistics firm.
“On the basis of evidences gathered and inquiries conducted, the taxpayer group has surrendered Rs 111 crore as undisclosed income,” an I-T official said, adding the survey was conducted at three premises of the firm, involving around 25 I-T officials.
During the survey, documents pertaining to “undisclosed” income and investments in assets were found, he said.
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Read Mr. Lakshmanan’s comment. Surely people are doing all of such activities without any professional help! Can he name any law in the world which is impregnable? If more than a billion people decide to break laws how does he propose to bring a culture of compiance? Tax -evasion is not a concept of watertight laws alone. A country can flourish only when each and every citizen, or at least a vast majority, is mindful of his duties. Everybody needs to do some soul searching.
From this it is understood that people can amass huge amount of wealth till they are caught. Basically the system of taxation has got big holes, it is evident from such operations!