Staff Correspondent
Port Blair, Feb 27: A senior team of Income Tax department today conducted a raid in a business establishment situated at Gurudwara Lane.
Sources said that the raid came in the wake of large cash deposits made during demonetization period. The Income Tax Department has been enquiring and analyzing instances of cash deposits to identify the cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analyzed by the Central Board of direct Taxes (CBDT) a number of persons have been identified whose cash transactions are not in line with those available with the department.
As per details, a large number of notices have been sent to various parties in A & N Islands also asking therein to explain the source of the cash deposits made by them. It has been learnt that in this instance case the party have failed to comply with the notice and could not substantiate huge cash deposit approx 3.5 crores during demonetization period.
It is presumed that more such raids are expected to follow in cases where there is no compliance of partial compliance to the notices sent by the IT Department.
