I-T detects Rs 100-cr blackmoney after raids on Assam doctors

The CBDT said the quantum of suppressed turnover detected in few cases alone appears to be more than Rs 50-60 crore while the "net profit" shown was extremely low.

New Delhi: The Income Tax Department has detected tax evasion of more than Rs 100 crore after it raided some “renowned” doctors and medical professionals based in Assam, the CBDT said on Tuesday.

The search and survey action was carried out on January 8 at 29 locations in the state’s main city Guwahati and Nalbari and Dibrugarh and a cash amount of Rs 7.54 crore was also seized from these searched premises.

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This included Rs 1.76 crore cash seized from the Nalbari town and the CBDT said the total “cash seized was found to be unexplained in the hands of various hospitals and medical professionals”.

It said the department found that turnovers of these medical facilities were “hugely suppressed”.
“The main allegations against the groups were that they had grossly understated their medical receipts both in their individual capacities and the turnovers in their hospitals, nursing homes, diagnostic centres and pharmaceutical business,” the CBDT said in a statement issued here.
It added that “unexplained investment, receipts and expenses exceeding Rs 100 crore has been unearthed due to the search and seizure action.” The Central Board of Direct Taxes frames policy for the tax department.

“During the course of the search and seizure operation, it has been established that the groups engage in out-of-books transactions. Many documents and cash receipt slips were found which highlight the hugely suppressed turnover in the case of medical professionals and their hospitals/clinics,” it said.

The CBDT said the quantum of suppressed turnover detected in few cases alone appears to be more than Rs 50-60 crore while the “net profit” shown was extremely low.

It said papers of huge parcels of land and immovable assets purchased in cash were also seized.  “Hand written notes and diaries of investments made in immovable assets in cash of around Rs 20 crore were also seized.” “The cash generated was found to be diverted in building of new hospitals, reconstruction of nursing homes and acquisition of undisclosed assets,” it claimed.

Huge amount of ‘kachha’ cash receipts and transactions found to have been made outside the regular books of accounts and in one such case, it was  found  that an amount close to Rs 20 crore was undisclosed, it alleged.

“Daily receipts were found to be digitally maintained in Excel/hard disk at medical clinics that had not been recorded in the books of accounts,” it said.  In one case, it said, the annual receipts were approximately Rs 15-20 crore, while in the audited books, the entity had shown the gross receipt of around Rs 5 crore only.  “Hence, it is apparent that in the case of this particular assessee, suppression for each year should be around Rs 10-15 crore,” it said.

 

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