Income Tax Survey Reveals Over Rs 8 Crore in Unaccounted Cash in Chandigarh

Income Tax Survey Uncovers Over Rs 8 Crore in Unaccounted Cash in Chandigarh

The Income Tax Department recently identified unaccounted cash exceeding Rs 8 crore during a survey conducted across three business establishments in Chandigarh. This survey commenced on Thursday and concluded by Friday afternoon.

Details of the Survey

The Income Tax officials targeted the following locations:

• Compact Disc (CD) India Limited, Manimajra
• A-I Meters Private Limited, located in Chandigarh's Industrial Area, along with its factory in Derabassi

During the survey, the officials observed discrepancies in cash books, inventory records, and uncovered excess cash not accounted for in the books.

Findings at Each Establishment

1. Compact Disc (CD) India Limited:

   • This establishment operates in the music and animation sector.
   • The survey revealed unaccounted cash amounting to Rs 5 crore.
   • Additionally, it was discovered that the company's directors had dispensed unrecorded advances.

2. A-I Meters Private Limited:

   • At this location, officials uncovered Rs 2.25 crore in unaccounted cash, along with raw materials that were not properly documented.

3. Sector 22 Shop:

   • The survey revealed that the shop owner had inadequately maintained inventory records, leading to significant findings of irregularities.

The survey was executed by Ajay Kumar Sharma, Additional Commissioner of Income Tax, under the supervision of GS Randhawa, Commissioner of Income Tax-I.

Conclusion

The detection of such a substantial amount of unaccounted cash highlights the necessity for strict financial compliance among businesses. The Income Tax Department continues to monitor and enforce regulations to ensure transparency and accountability in financial practices.