I-T searches on Yashwant Jadhav and BMC contractors turn up Rs 200 million in tax evasion

The Income Tax Department's search and seizure operations against Shiv Sena Corporator Yashwant Jadhav, certain Brihanmumbai Municipal Corporation (BMC) contractors, and their close friends resulted in the discovery of over 3 dozen immovable properties worth over Rs 130 crore. The agency said in a statement on Thursday that it covers properties acquired in their name or that of their associates or benamidars.

 

So far, undeclared cash worth Rs 2 crore and jewellery worth Rs 1.5 crore have been confiscated during the search operation. According to the CBI, preliminary inquiry suggests that the contractors involved evaded tax to the tune of Rs 200 crore due to malpractices.

 

On February 25, the I-T sleuths began searching the premises of Mazgaon-based Jadhav, some BMC contractors, and their accomplices. According to agency sources, the operations spanned at least 35 locations in Mumbai, including Goregaon, Malad, Borivali, Mulund, and the Vile Parle office of a well-known infrastructure company. BMC, municipal corporations from neighbouring metro cities, and several other government bodies are among the company's clients.

 

"Numerous damning documents, loose sheets, and digital evidence were discovered and seized during the search operation. The evidence gathered significantly suggests a close relationship between these contractors and the named individual "In their statement, the I-T department asserted without mentioning Jadhav's name.

 

"Details of nearly three dozen immovable assets with a potential worth of more than Rs 130 crore have also been discovered. It includes properties purchased by them, their associates, or their benamidars. Evidence of their involvement in international hawala transactions and the ill-gotten money's transit to select foreign countries has also been discovered. Unaccounted cash receipts and payments of several crores were also discovered and seized on loose sheets and excel files that had not been recorded in the usual books of account "According to the statement,

 

 

"In the case of contractors, the confiscated records demonstrate their method for suppressing taxable revenue on a wide scale by exaggerating their expenses. Over-invoicing of sub-contract expenses through a maze of organisations and claiming non-genuine expenses are the most common methods used for this goal. Cash has been taken out of these businesses and used for obtaining unfair favours in contract awarding and also for making unexplained payments for property investments, according to certain instances. According to early findings, these contractors have evaded tax to the tune of Rs 200 crore as a result of the aforementioned misdeeds "According to the statement. 

 

A businessman who was arrested by the Enforcement Directorate (ED) in 2017 in connection with a money laundering case involving cricket betting was one of the main people who was also searched by the I-T officers. The BJP has often accused Jadhav of corruption as the leader of the all-powerful decision-making council that grants final approval to initiatives. On the other side, Maha-Vikas Aghadi (MVA) leaders have accused the BJP of misusing central investigating agencies against them.

 

 

Image Courtesy: Twitter  @iYashwantJadhav