Income Tax Raid at Delhi, NCR and Haryana: Advocate received Rs. 117 crore from a client in cash


Income Tax Raid at Delhi, NCR and Haryana: Advocate received Rs. 117 crore from a client in cash

The wrong presumption is that Corruption is not in the Government system. It equally exists in the private sectors. Rather, private sectors have higher volume as compared to the Government Sector. There are various corporate wherein the staff is the part of making the system

India is not a poor country but not well governed. There are numerous instances wherein the system is bypassed the black money takes shape.

This is the revelation in the recent income tax raids carried out at Delhi, NCR and Haryana wherein the flow of black money of more than 100 Cr was found.

Unimaginable, but this is what is the reality is all. The fact was revealed by the press release issued by Income Tax Department and the same is reproduced hereunder:


Income Tax Department carries out searches in Delhi, NCR and Haryana

The Income Tax Department has carried out a search and seizure action on 14.10.2020 in the case of a leading advocate practicing in the field of commercial arbitration and alternate dispute resolution. He was suspected to be receiving substantial amounts in cash from his clients, to settle their disputes. During the search 38 premises spread over Delhi, NCR and Haryana have been covered.

During the search, cash of Rs. 5.50 crore has been seized, while 10 lockers have been placed under restraint. Incriminating documents of unaccounted cash transactions and investments made by the assessee over several years have been found. Substantial digital data reflecting unaccounted transactions of the assessee and his associates, who are financers and builders, has also been recovered.

In one case, the assessee had received Rs. 117 crore from a client in cash, whereas he had shown only Rs. 21 crore in his records, which was received through cheque. In another case, he received more than Rs. 100 crore in cash from an infrastructure and engineering company for its arbitration proceedings with a public sector company.

The unaccounted cash received, has been invested by the assessee in purchase of residential and commercial properties and in taking over of trusts engaged in running of schools. Evidences recovered indicate investment of more than Rs. 100 crore in cash in several properties in posh areas in the last two years. The assessee and his associates have also purchased several schools and properties, for which also more than Rs. 100 crore was paid in cash. He has also taken accommodation entries worth several crores.

Further investigations are in progress.

Release ID: 1664884