{"id":233805,"date":"2020-08-12T12:30:53","date_gmt":"2020-08-12T07:00:53","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=233805"},"modified":"2020-08-12T12:13:34","modified_gmt":"2020-08-12T06:43:34","slug":"income-tax-department-conducts-search-on-premises-of-chinese-entities","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/08\/12\/income-tax-department-conducts-search-on-premises-of-chinese-entities\/","title":{"rendered":"Income Tax Department conducts search on premises of Chinese entities"},"content":{"rendered":"<blockquote>\n<p style=\"text-align: center;\">IT Department conducts serach on Chinese Entities premises<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees.<\/p>\n<p style=\"text-align: justify;\">Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 Crore over the period.<\/p>\n<p style=\"text-align: justify;\">A subsidiary of Chinese company and its related concerns have taken over Rs 100 Crore bogus advances from shell entities for opening businesses of retail showrooms in India. Further, incriminating documents in respect of hawala transactions and laundering of money with the active involvement of bank employees and Chartered accountants has been found as a result of search action. Evidences of foreign hawala transactions involving Hongkong and US dollars have also been unearthed. Further investigations are under progress.<\/p>\n<hr \/>\n<p><strong>Ministry of Finance<\/strong><\/p>\n<p style=\"text-align: right;\">[Press Release dt. 11-08-2020]<\/p>\n<p>[Source: PIB]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IT Department conducts serach on Chinese Entities premises Based on the credible information that few Chinese individuals and their Indian associates were <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[43063,43064,21464,29785,2824,19261],"class_list":["post-233805","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news","tag-chinese-entities","tag-hawala-transactions","tag-income-tax-department","tag-law","tag-Ministry_of_Finance","tag-money-laundering"],"yoast_head":"<!-- This site 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It has also been decided\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":251396,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/16\/us-uyghur-forced-labor-prevention-act-passed-by-us-senate-banning-the-import-of-chinese-goods\/","url_meta":{"origin":233805,"position":1},"title":"US | Uyghur Forced Labor Prevention Act passed by US Senate banning the import of Chinese goods","author":"Prachi Bhardwaj","date":"July 16, 2021","format":false,"excerpt":"The US Senate passed Uyghur Forced Labor Prevention Act on July 14, 2021 to ban the import of products from China's Xinjiang region. \u00a0 Key features of the Act are: The Uyghur Forced Labor Prevention Act imposes importation limits on goods produced using forced labor in the Xinjiang Uyghur Autonomous\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/Uyghur.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/Uyghur.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/Uyghur.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/Uyghur.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/Uyghur.jpg?resize=1050%2C600&ssl=1 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purchases","author":"Apoorva","date":"May 8, 2023","format":false,"excerpt":"ITAT said that the entire addition has been made by the AO as well as CIT based on guess work and estimation based on some alleged information received from Sales Tax Department of Maharashtra and from DGIT that \u201cthe assessee has taken bogus purchase bills without having taken any delivery\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Income Tax Appellate Tribunal (ITAT)","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-494.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-494.png?resize=350%2C200&ssl=1 1x, 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(\u2018ZEEL\u2019) passed an interim order barring Subhash Chandra (Chairman of Essel Group) and Punit Goenka (CEO of ZEEL) to hold Directorial or Key Managerial Personnel in any listed company owned by them.\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/Untitled-design-3.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/Untitled-design-3.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/Untitled-design-3.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/Untitled-design-3.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":237588,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/16\/search-seizure-action-carried-out-by-income-tax-department-in-a-case-of-a-leading-advocate\/","url_meta":{"origin":233805,"position":5},"title":"Search &#038; Seizure action carried out by Income tax Department in a case of a leading Advocate","author":"Bhumika Indulia","date":"October 16, 2020","format":false,"excerpt":"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. 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